Biden refers to China’s economic issues as a “ticking time bomb.”
The president stated, “That’s not good because when bad people have issues, they do bad things,” at a Utah political event.
In his latest jab at Beijing, President Joe Biden described China’s economic position as “a ticking time bomb” on Thursday. This comes as his administration works to improve ties with what it refers to as Washington’s main rival, Beijing.
China, which has the second-largest economy in the world behind the United States, is “in trouble,” according to Biden, because of its sluggish growth and “highest unemployment rate ever.”
According to a pool report, he stated, “That’s not good because when bad folks have problems, they do bad things,” at a campaign event in Park City, Utah.
The comments made by Biden on Thursday were similar to those he made at a different fundraiser in June, when he referred to Chinese President Xi Jinping as a “dictator” a day after Secretary of State Antony Blinken had returned from a crucial trip to Beijing. China responded by denouncing the dictator’s remark as “extremely absurd and irresponsible.”
Since then, both U.S. climate envoy John Kerry and Treasury Secretary Janet Yellen have visited Beijing. Gina Raimondo, the secretary of commerce, is also considering a trip to China.
The visits could prepare Biden and Xi for their encounter in November, when Xi is anticipated to attend an Asia-Pacific economies summit in San Francisco. Since their in-person meeting in November 2017 on the sidelines of a Group of 20 summit in Indonesia, the two presidents have not spoken.
Since tight “zero-Covid” restrictions were eased by the government in late last year, China’s economy has rebounded more slowly than anticipated. The National Bureau of Statistics reported that the GDP increased 6.3% in the second quarter compared to the same period last year.
In June, China reported an unemployment rate of 5.2%, which was lower than other G-20 nations like Italy and France but higher than the 3.6% in the United States.
Youth unemployment in China, which hit a record high of 21.3% in June and is comparable to rates in nations like Italy and Sweden, is a particular problem.
Fears of deflation increased on Wednesday as the National Bureau of Statistics revealed a decrease in consumer prices for the first time in two years.
On Thursday, Biden also slammed China’s Belt and Road Initiative, calling it “debt and noose” due to the enormous debts that developing nations frequently take on in exchange for Chinese investment.
However, he asserted that Washington did not wish to damage its relations with Beijing.
Biden declared, “We aren’t seeking for a battle with China. “We need to keep an eye on what they are doing, but I don’t want to hurt China,”
On Wednesday, Biden signed an executive order that will limit American investment in some Chinese high-tech sectors, such as semiconductors and artificial intelligence. The directive had the Chinese Commerce Ministry “seriously concerned” and it had reserved the right to take action, it said on Thursday.