HONG KONG: Joe Biden and Xi Jinping, the presidents of China and the US, appear set to meet in San Francisco later this month. They will undoubtedly concentrate on the Taiwan issue, which poses the biggest threat to a stable US-China relationship, but managing the” securitization” of the two countries’ economic ties should also be their top priority.
Since the Trump administration started the trade conflict in 2018, Beijing has accused Washington of exaggerating worries about the safety implications of their financial relations. It has been turned into a device conflict by Biden’s administration in an effort to impede Chinese advancement in cutting-edge technology.
In the name of regional security, Washington seems to” securitize” virtually every aspect of economic ties, from industry and technologies to purchase. Due to its Chinese ownership, TikTok, a platform for sharing little videos, is being scrutinized more closely. Security concerns have even been raised regarding Chinese-made energy buses operating in US cities.
Beijing portrays itself as the hurt party and insists that the US is solely to blame for the relationship’s problems.
Beijing’s assertion, however, is false, to put it mildly.
In response to Washington’s actions, Beijing is also active” securitizing” US-related trade and investment issues. This is consistent with Beijing’s significant transition away from growth and toward security. The most recent instances include unexpected and poorly explained raids and arrests involving Foxconn, a Taiwanese Apple provider, as well as some American agencies and other businesses.
Such behavior run counter to its stated objective of allowing more foreign investment and trade, which scares away US and international investors.
In other words, while US actions merely target and influence Chinese trade and assets, China’s actions are alarming traders all over the world. The Taiwanese government needs to review its safeguards urgently in order to revitalize an economy that has been severely impacted by three years of zero-COVID settings.