September 27, 2023

Taylor Daily Press

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US lifts trade restrictions on dozens of Chinese companies |  Abroad

US lifts trade restrictions on dozens of Chinese companies | Abroad

The US has lifted trade restrictions on 27 Chinese firms and companies. With US Commerce Secretary Gina Raimondo scheduled to visit Beijing later this month, the move is seen as a welcome boost from Washington.

Chinese chemical company and lithium battery maker Guangdong Guanghua Sci-Tech and sensor maker NanJing GOVA Technology were removed from the ‘unverified list’. Companies on that list have limited access to American technology. For example, they need to obtain additional permits to purchase goods from US companies and institutions.

After successfully verifying who the end users of their products are, those companies are removed from the list. So the ministry’s Bureau of Industry and Security was able to determine their “legitimacy and credibility.”

Along with more than twenty Chinese companies and organizations, including two universities and a handful of technology companies, a number of companies and institutions from Indonesia, Pakistan, Singapore, Turkey and the United Arab Emirates were also listed.

Visit to China

Commerce Secretary Raimondo is expected to visit China later this month as part of the US administration’s efforts to ease tensions between the world’s two largest economies. Raimondo is the fourth senior member of President Joe Biden’s administration to visit China since June.

Earlier, Secretary of State Anthony Blinken, Treasury Secretary Janet Yellen and Climate Ambassador John Kerry have already visited the country. So far, the visits have yielded some progress, but both sides see the talks as a positive step for mutual relations.

Let go of tensions

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China also seems to be trying to defuse tensions. Chinese Premier Li Keqiang said on Monday that the two economies complement each other rather than compete. Commenting on the removal of trade restrictions, China’s Ministry of Commerce says the move is in the common interest of both countries by facilitating trade.

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