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In 1973, before diplomatic relations were established between China and the United States, at the beginning of what would be a decades-long honeymoon for their bilateral ties, the US-China Business Council was set up under the auspices of the White House, and the US State Department and Commerce Department. For half a century, the private nonprofit, nonpartisan business association has been instrumental to economic and trade exchanges between what are now the world's two largest economies. As the USCBC celebrates the 50th anniversary of its founding, however, rather than pushing for the ever expanding economic and trade connections between the two countries, the group has found itself struggling to navigate the changed and still changing landscape of bilateral economic and trade relations. With the Joe Biden administration imposing increasing controls on US technology exports to China and US investments in key Chinese technology sectors, each step Washington takes under its "Indo-Pacific" strategy sends shock waves, undermining bilateral economic and trade exchanges. Premier Li Qiang impressively understated the situation when he told the visiting USCBC delegation led by Marc Casper, the council's chair, on Monday that "China-US relations and economic and trade cooperation are facing some difficulties". The Chinese and US economies and their long-standing interdependence have fallen prey to the strategic game Washington seems determined to play against China. They are no longer each other's biggest trading partners, and keep sliding down the corresponding lists. The China hawks in Washington, on Capitol Hill in particular, would ideally like to kick China completely out of US supply chains, even global supply chains. Although the slogan has changed from "decoupling" to "de-risking", their song remains the same. It is encouraging therefore that both sides announced on Tuesday that US Secretary of Commerce Gina Raimondo will visit Beijing and Shanghai from Sunday to Wednesday to deepen communication between the two sides on a range of issues related to commerce and trade. This visit carries on the positive momentum of the two sides keeping their communication channels open after US Secretary of State Antony Blinken and Treasury Secretary Janet Yellen visited China over the past two months. Hopefully, the discussions can help the two sides better handle relevant issues and challenges in commercial relations, and explore areas for potential cooperation. Contrary to popular belief, it is not because of cheap labor or a huge market that US businesses are in China but because the quality of its tooling engineers and its responsive whole of industry supply chains help make them globally competitive. The Chinese premier's patient elaboration of the Chinese government's efforts to continue expanding market access, optimize the business environment, promote fair competition, and protect the property rights of enterprises and the rights and interests of entrepreneurs was testimony to China's sincere wish that economic and trade cooperation serve the interests of both sides.
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