According to the South China Morning Post, China is seeking to strengthen economic links between the southern Guangdong Province/Hong Kong/Macau Greater Bay Area and the San Francisco and New York City bay areas.
Yang Wanming, chairman of the Chinese People's Association for Friendship with Foreign Countries (CPAFFC), announced the initiative in an interview published Tuesday in the Chinese Communist Party-backed digital publication The Paper. according to to SCMP. This initiative extends CPAFFC's broader intention to promote friendly overseas exchanges, and Mr. Yang also expressed hope for cooperation between the Yangtze River Economic Belt and the Mississippi River Basin. (Related: Chinese companies sanctioned to help prevent companies from profiting from areas known for slave labor)
“Our association will continue to coordinate and promote mutual visits and exchanges between our two countries.” [US and Chinese] “It will promote regional economic development and provide concrete development benefits to more rural areas in both countries,” Yang said, according to SCMP.
If billions of currency bolts don't move, #China When economic activity resumes in 2024, even bigger problems may arise?
The world's second-largest economy has been hit hard one after another, with no signs of recovery in sight. It looks like it will collapse soon. pic.twitter.com/VYZjkVcYDk
— Stanzin Namgyal (@StanzainNamgyal_) January 2, 2024
In December, Treasury Secretary Janet Yellen emphasized that the United States should not cut off from China and that communication should continue to ease tensions, but she also announced that she would visit China in 2024. Chinese President Xi Jinping and President Joe Biden also sent messages on New Year's Day. According to SCMP, after tensions escalated in 2023, the two countries congratulated each other on 45 years of diplomatic relations.
One reason for the heightened tensions is the ongoing trade war between the two countries over semiconductor production. The two countries are trying to gain an advantage in this technology, with the United States leveraging its intellectual property while China limits overwhelming supplies of key minerals needed for industrial production.
Foreign investors are expected to withdraw $31 billion from China's financial system in 2023 and another $65 billion in 2024 as tensions rise and China's economy weakens. The latest data for December continues to show that China's economy is unable to bring growth up to par. Retail sales for the month rose just 10.1% year-on-year, compared with economists' expectations for a 12.9% rise.
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