WASHINGTON, November 16, 2021—The US-China Business Council (USCBC), an advocacy organization representing more than 260 member companies that do business in China, is pleased that President Biden and President Xi met yesterday. USCBC fully supports their mutual interest in improving bilateral relations and acting responsibly and collaboratively as world leaders on issues of global significance.
Close and regular contact between leaders and senior officials of the world’s two largest economies is needed to successfully navigate strategic risks and intense competition, lower the temperature of the relationship, and constructively address myriad issues of shared interest with global implications.
“We greatly appreciate the two leaders’ lengthy and candid discussions and their shared commitment to work toward strategic stability for the benefit of both our countries and the world. Given that US-China economic and trade ties have been a ballast of the relationship and can help manage strategic risks, we hope separate meetings will be scheduled soon to discuss economic and trade issues with China,” said Craig Allen, president of USCBC. “Such issues include reducing US and Chinese tariffs; ensuring more equitable market access for US companies; easing travel restrictions to China; fully implementing China’s Phase One commitments; moving to further negotiations, including on China’s subsidies of state-owned enterprises; and meeting China’s WTO obligations.”
USCBC and 25 other business groups sent a letter earlier this week to senior US Cabinet officials calling for progress on US-China trade issues that impact American businesses, workers, farmers, and consumers. Exports to China support roughly one million American jobs, and China is the United States’ third-largest trading partner. The groups also urged continued work with like-minded countries on trade issues given their global nature and their implications for the international economic system and its rules and institutions, such as the WTO.
“Now that the meeting is over, the real work of stabilizing—and hopefully improving—the relationship begins,” Allen said. “The challenges are significant, and much hard work needs to be done.”