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Biden: democracies, not China, write rules for global trade

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Biden: democracies, not China, write rules for global trade

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On Tuesday, June 8th, it was reported that US President Joe Biden proposed to inhibit China’s participation in global trade. The American leader believes China should better not intrude into the writing of rules for global trade and technology.

According to The Washington Post, Joe Biden will meet with President of the European Commission Ursula von der Leyen and President of the European Council Charles Michel in the week until June 11th. The politicians plan to discuss cooperation and unite amid global economic challenges. “We will focus on ensuring that market democracies, not China or anyone else, write the 21st-century rules around trade and technology,” the US president said.

Joe Biden believes that democracies can offer the world high-standard innovations for updating the digital infrastructure and healthcare.

On Thursday, June 3rd, Biden signed a decree prohibiting American entities and individuals from investing in 59 Chinese companies. The ban will come into force on August 2nd. The executive order will prevent US investors from funding China’s defence sector as well as aviation and space industries.

Among the companies banned are China Aerospace Science and Industry Corporation Limited (CASIC), the China Aerospace Science and Technology Corporation (CASC), China Mobile departments in Beijing and Hong Kong, China National Nuclear Corporation (CNNC), China National Offshore Oil Corporation (CNOOC), China Railway Construction Corporation (CRCC), and a number of shipbuilding organizations. Huawei and Semiconductor Manufacturing International Corporation (SMIC) are also on the blacklist.

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