Business
US accuses, China doing economic exercises to dominate world
Washington

US lawmakers alleged that the Chinese Communist Party is using coercive economic practices to gain worldwide dominance over the US, reported Voice of America (VOA). The allegations came at a House Select Committee hearing on strategic competition between the United States and the Chinese Communist Party after Treasury Secretary Janet Yellen met with Chinese officials in Beijing to discuss the nations’ economic ties.

Diplomatic relations between China and the US have deteriorated since the Chinese spy balloon incident. Witnesses told the House panel that American companies face dangers operating in China. “There is no such thing as a private company in China, many laws such as the updated anti-espionage law, the data protection law, and the anti-foreign sanctions law have codified what was always true. Committee chairman Mike Gallagher said China reserves the right to swipe any data, seize any property and IP it wants.

According to committee members, China’s restrictive environment has resulted in the so-called “brain-drain” of its businessmen, making China the world’s top country for the exodus of wealthy individuals who fear the Communist Party. Are. Ability to arbitrarily confiscate property. Witnesses testified that the environment in China is becoming increasingly restrictive for American companies and individuals. Meanwhile, Yellen said that the separation of the world’s two largest economies would be disastrous for the interests of both countries and would destabilize the world and would be nearly impossible to do. “We want a dynamic and healthy global economy that is open, free and fair,” he said. European companies have also complained of a deteriorating environment for business. A survey by the European Union Chamber of Commerce in China in June saw a record 64 per cent of European companies based in China surveyed report that doing business in China will become more difficult in 2022, VOA reports.

“The crackdown on consulting businesses, increased data privacy laws and the flow of PRC information exposes our negative symmetry with China. This means that even companies can no longer do due diligence before any type of business transaction,” said Lounsbury. The Chinese Foreign Ministry on Monday dismissed criticism of its business practices, warning US citizens of “risk of wrongful detention” in response to a US State Department travel advisory issued this month. “China is a country committed to the rule of law. Is. Decisions to conduct security reviews of foreign companies by competent Chinese departments are made according to laws and facts. China welcomes people and businesses from all countries to come and do business in China, and we are committed to protecting their safety and legitimate rights and interests in China under the law, including their freedom of entry and exit is also involved,” Foreign Ministry spokesman Mao Ning said on July 10.

“Speaking of entry and exit reviews and wrongful detention, in recent years, the US has harassed and interrogated Chinese citizens entering the US under various pretexts. From time to time, Chinese students going to America were refused entry and sent back. In 2021, the US will deny visas to at least 2,000 Chinese students majoring in science, technology, engineering or mathematics,” she said. He further said that from January to October 2022, the number of visas issued for Chinese students going to the US declined by 38 per cent year-on-year. Recently, the US has denounced China’s efforts to repatriate corrupt fugitives and recover illegal proceeds from criminals and has even prosecuted and detained Chinese citizens and people of Chinese descent in the US. The US has scapegoated China on issues related to fentanyl, resorting to “sting operations” and extra-territorial kidnappings against Chinese nationals, and prosecuting Chinese entities and individuals.

China urged the US to immediately stop its “wrongdoings”, to stop hindering practical cooperation between the two countries, to stop “arbitrary detention and abuse of process against Chinese businesses and individuals”, and to stop the legitimate and legal activities of Chinese businesses. Urged to protect the rights and interests honestly. and citizens in the US, Mao Ning said.

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