US lawmakers highlight China’s ‘coercive’ economic practices

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US lawmakers on Thursday accused the Chinese Communist Party of using coercive economic practices to gain global dominance over the United States.

The allegations came days after a House of Representatives Select Committee hearing on strategic competition between the United States and the Chinese Communist Party, when Treasury Secretary Janet Yellen traveled to Beijing to discuss the economic relationship between the two countries.

Yellen said that while the US is taking specific national security measures, “separating the world’s two largest economies would be disastrous for the interests of both countries and destabilizing for the world, and would be nearly impossible to implement.” We want a dynamic and healthy global economy that is open, free and fair.”

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Diplomatic relations between the two countries have been strained since the US shot down a Chinese spy balloon earlier this year. Witnesses told a House panel on Thursday that American companies operating inside China are facing increasing threats.

“There is no such thing as a private company in China, a series of laws such as the updated anti-espionage law, data protection law, foreign sanctions law have codified what has always been true: China reserves the right to review any data Seize any property and take whatever intellectual property you want,” said committee chairman Mike Gallagher.

According to committee members, China’s restrictive environment is fueling a so-called “brain drain” of its own entrepreneurs, making China the world’s leading outlet for wealthy people fleeing the prospect of the Communist Party . Seize properties arbitrarily.

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Witnesses testified that the environment in China is becoming increasingly restrictive for American businesses and individuals.

Piper Lounsbury, director of research and development at Strategy Risk, said: “Over the past few months, PRC authorities have placed strictures on any domestic or foreign businessperson to provide or provide any service using PRC information only to third country customers. accusing him of espionage for.” , a risk management firm for companies doing business in China.

“The crackdown on consulting firms, the expansion of privacy laws, and the flow of information from the PRC only highlights our negative symmetry with China. This means that even companies can no longer do proper paperwork before any kind of business transaction,” he said.

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