China is seeking to bolster economic connections between the southern Guangdong-Hong Kong-Macau Greater Bay Area and the San Francisco and New York City bay areas, according to the South China Morning Post.
Yang Wanming, president of the Chinese People’s Association for Friendship with Foreign Countries (CPAFFC), announced the effort during an interview published Tuesday with CCP-backed digital outlet The Paper, according to the SCMP. The effort expands on broader CPAFFC intentions to boost friendly overseas exchanges, with Yang also expressing hope for cooperation between the Yangtze River Economic Belt and the Mississippi River Basin. (RELATED: China Sanctions Firm That Helps Ensure Businesses Aren’t Profiting From Region Known For Slave Labor)
“Our association will continue to coordinate and advance mutual visits and exchanges between those [US and Chinese] regions, promoting regional economic development and delivering tangible development interests to more local areas in both countries,” Yang said, according to the SCMP.
If a zillion monetary volts doesn’t jerk the #China economy back into action in ’24, there may be a bigger problem unfolding??
The world’s second largest economy is witnessing major blows one after one & there seems no sign of recovery. Seems like it is soon going to collapse. pic.twitter.com/VYZjkVcYDk
— Stanzin Namgyal (@StanzinNamgyal_) January 2, 2024
Treasury Secretary Janet Yellen emphasized in December that the U.S. should not decouple from China and should continue communication to reduce tensions, while also announcing a trip to the country sometime in 2024. Chinese President Xi Jinping and President Joe Biden also sent messages on New Year’s Day congratulating each other on 45 years of diplomatic relations following heightened tensions in 2023, according to the SCMP.
One of the reasons for heightened tensions is the ongoing trade war between the two countries over semiconductor production. Both countries have sought to gain an upper hand in the technology, with the U.S. leveraging its intellectual property while China restricts its commanding supply of key minerals required for production in the industry.
Foreign investors pulled out $31 billion from the Chinese financial system in 2023 following the heightened tensions and China’s struggling economy and are expected to pull out another $65 billion in 2024. The latest data in December continues to show the Chinese economy failing to increase growth to levels seen before the COVID-19 pandemic, with retail sales only rising 10.1% year-over-year for the month compared to the 12.9% growth that economists expected.
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