U.S. President Joe Biden expressed on the 16th (local time) that he hopes for a mutually beneficial economic relationship with China, while also stating that he will continue to pressure China to improve unfair economic practices.
President Biden said during a dialogue with Asia-Pacific Economic Cooperation (APEC) CEOs held in San Francisco that "We are reducing risks (de-risking) and diversifying in economic relations with China, not decoupling."
He emphasized that "A stable relationship between the world's two largest economies is truly beneficial not only for the two economies but also for the world," and expressed willingness to cooperate with China in necessary areas such as climate change, artificial intelligence (AI), and drugs.
However, he stressed, "We have substantive disagreements with China on maintaining a fair and equitable playing field in the economy and protecting corporate intellectual property rights." President Biden had pointed out in a meeting with President Xi Jinping the day before that China's infringement on corporate intellectual property rights is discouraging investment. This is interpreted as meaning that the U.S. will continue measures such as export controls and investment restrictions to prevent China from acquiring advanced technologies that could threaten U.S. security.
He added, "The U.S. is a Pacific power," and said that in his conversation with President Xi the previous day, he explained, "The reason we are so engaged in the Pacific is because we are a Pacific nation."
President Biden told President Xi, "Thanks to us, peace and security have been maintained in the region, which has enabled China's growth," and said, "He (President Xi) did not deny this."
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