{"id":10736,"date":"2023-09-12T13:25:27","date_gmt":"2023-09-12T13:25:27","guid":{"rendered":"https:\/\/prosfunds.com\/business\/as-chinas-economy-hits-turbulence-a-top-treasury-official-heads-to-hong-kong-to-deepen-ties-with-beijing\/"},"modified":"2023-09-12T13:25:27","modified_gmt":"2023-09-12T13:25:27","slug":"as-chinas-economy-hits-turbulence-a-top-treasury-official-heads-to-hong-kong-to-deepen-ties-with-beijing","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=10736","title":{"rendered":"As China\u2019s economy hits turbulence, a top Treasury official heads to Hong Kong to deepen ties with Beijing"},"content":{"rendered":"
\n

\n A top US Treasury official is heading to Hong Kong as the White House continues its quest to ease tensions with Beijing and avoid a destabilizing crisis.\n <\/p>\n

\n Joining a growing list of US officials visiting the region, Assistant US Treasury Secretary Brent Neiman is traveling to Hong Kong on Wednesday as part of an effort to \u201cdeepen ties between the world\u2019s two largest economies,\u201d a Treasury official tells CNN.\n <\/p>\n

\n During the trip, Neiman \u2014 the highest-ranking Treasury official to visit Hong Kong since 2019 \u2014 plans to meet with government officials, private sector economists and executives from the financial and legal sectors. He is also set to meet with US companies that are members of the American Chamber of Commerce in Hong Kong as well as with students.\n <\/p>\n

\n According to the US official, Neiman will discuss the \u201cfinancial ties behind the US-China relationship and the importance of communicating on financial and regulatory matters as well as macroeconomic and financial developments in Hong Kong and China.\u201d\n <\/p>\n

\n Notably, the Treasury official also plans to address hot-button issues, including human rights, a thorny subject given Beijing\u2019s history of human rights abuses and its complicated relationship with Hong Kong.\n <\/p>\n

\n \u201cNeiman will stress the United States\u2019 focus on securing and advancing our economic and national security interests, along with those of our allies, and protecting human rights,\u201d the Treasury official told CNN.\n <\/p>\n

\n Hong Kong is a semi-autonomous Chinese territory that is also the country\u2019s international financial center.\n <\/p>\n

\n The visit comes at a delicate time. China is experiencing a slump that is casting a shadow over the world economy. Beijing is struggling to turn the page on high youth unemployment, tepid export demand and a crisis-hit property sector.\n <\/p>\n

\n \u201cThis could be dangerous for the global economy because China is such an important contributor to world growth,\u201d said Ilaria Mazzocco, senior fellow in Chinese business and economics at the Center for Strategic & International Studies in Washington.\n <\/p>\n

\n US-China relations hit a low early this year after President Joe Biden ordered the shootdown of a Chinese spy balloon. That incident further complicated what is already the most important and complicated bilateral relationship on the planet.\n <\/p>\n

\n Despite criticism from some Republicans, the administration has tried to cool temperatures with Beijing by sending a flurry of officials to mainland China in the past few months, including Secretary of State Antony Blinken, climate envoy John Kerry, Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo.\n <\/p>\n

\n Even after the visits by US officials, Washington and Beijing have continued to throw punches at each other\u2019s economies. Following Yellen\u2019s visit last month, the Biden administration detailed new rules limiting US investments in advanced technology industries in China.\n <\/p>\n

\n Days after Raimondo\u2019s visit in August, Beijing reportedly banned the use of iPhones by government officials and state-backed firms.\n <\/p>\n

\n The apparent iPhone ban drove down shares of Apple, America\u2019s most valuable company, raising the difficult question: If Apple, which has deep ties to China, can\u2019t succeed there, who can?\n <\/p>\n

\n During Raimondo\u2019s trip, China\u2019s Huawei unveiled a new smartphone powered by an advanced chip. The rollout set off alarm bells in the West because the smartphone relies on US technology that American officials had tried to block China from accessing.\n <\/p>\n

\n Treasury declined to comment on whether Neiman will raise either the iPhone ban or the Huawei smartphone issue with officials during his trip to Hong Kong.\n <\/p>\n

\n \u201cThere are some big issues that are just not going to get resolved anytime soon,\u201d said Mazzocco, the CSIC expert.\n <\/p>\n

\n Experts say the recent trips by Yellen and Raimondo represented accomplishments, given that the bar for success was set quite low.\n <\/p>\n

\n \u201cThis is more about creating channels of communication and a mutual understanding to avoid crises and unpredictability. It\u2019s about avoiding shocks to the system,\u201d said Mazzocco. \u201cWe hit a low earlier this year in US-China relations. But I wouldn\u2019t say it was the bottom. You could always go lower. And there is always a risk of war implicit in any decline in US-China relations.\u201d\n <\/p>\n

\n Indeed, during a press conference in Beijing in July, Yellen said US officials\u2019 talks with Chinese officials are part of a \u201cbroader concerted effort to stabilize the relationship, reduce the risk of misunderstanding.\u201d\n <\/p>\n

\n Clayton Allen, director for the United States at the Eurasia Group, expects US-China relations will continue to decline. However, he is encouraged that policymakers have been able to manage that decline.\n <\/p>\n

\n \u201cIf US-China relations dropped off a cliff and everything broke off, it would shift to a permanent crisis response,\u201d Allen said. \u201cThat would create a situation where everything is demonstrably worse than it is now.\u201d\n <\/p>\n

\n Still, some China hawks argue the Biden administration is taking too gentle of an approach toward China.\n <\/p>\n

\n \u201cChina has been practically preparing for war with us for years. Yes, I view China as an enemy,\u201d Republican presidential candidate Nikki Haley told CNN\u2019s Jake Tapper over the weekend. \u201cThey keep sending different cabinet officials over, Jake, and it\u2019s embarrassing.\u201d\n <\/p>\n

\n In response to Haley\u2019s criticism, Deputy Treasury Secretary Wally Adeyemo said it\u2019s \u201cimportant\u201d for US officials to engage with China because it has the second-biggest economy in the world.\n <\/p>\n

\n \u201cWe\u2019re looking forward to working with China when that is America\u2019s national interest, but also holding them accountable when they take actions that hurt our economy,\u201d Adeyemo told CNN\u2019s Poppy Harlow on Monday.\n <\/p>\n

\n Andrew King, a venture capitalist and executive director of Future Union, a new bipartisan group that is calling for the private sector to pick democracy over autocracy, said the focus on cabinet officials is misplaced.\n <\/p>\n

\n \u201cThe real issue is the vacillating approach of the American private sector and that of our allies,\u201d said King. \u201cBy continuing to invest in China, the private sector is bankrolling a country that poses an existential threat to our system of democratic capitalism.\u201d\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A top US Treasury official is heading to Hong Kong as the White House continues its quest to ease tensions with Beijing and avoid a destabilizing crisis. Joining a growing list of US officials visiting the region, Assistant US Treasury Secretary Brent Neiman is traveling to Hong Kong on Wednesday as part of an effort […]<\/p>\n","protected":false},"author":1,"featured_media":10737,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-10736","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nAs China\u2019s economy hits turbulence, a top Treasury official heads to Hong Kong to deepen ties with Beijing | Prosfunds<\/title>\n<meta name=\"description\" content=\"A top US Treasury official is heading to Hong Kong as the White House continues its quest to ease tensions with Beijing and avoid a destabilizing crisis.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=10736\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"As China\u2019s economy hits turbulence, a top Treasury official heads to Hong Kong to deepen ties with Beijing | Prosfunds\" \/>\n<meta property=\"og:description\" content=\"A top US Treasury official is heading to Hong Kong as the White House continues its quest to ease tensions with Beijing and avoid a destabilizing crisis.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/prosfunds.com\/?p=10736\" \/>\n<meta property=\"og:site_name\" content=\"Prosfunds\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-12T13:25:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/09\/230707101945-yellen-china-li-qiang-070723.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/prosfunds.com\/?p=10736#article\",\"isPartOf\":{\"@id\":\"https:\/\/prosfunds.com\/?p=10736\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6\"},\"headline\":\"As China\u2019s economy hits turbulence, a top Treasury official heads to Hong Kong to deepen ties with Beijing\",\"datePublished\":\"2023-09-12T13:25:27+00:00\",\"dateModified\":\"2023-09-12T13:25:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/prosfunds.com\/?p=10736\"},\"wordCount\":1000,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/prosfunds.com\/#organization\"},\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/prosfunds.com\/?p=10736#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/prosfunds.com\/?p=10736\",\"url\":\"https:\/\/prosfunds.com\/?p=10736\",\"name\":\"As China\u2019s economy hits turbulence, a top Treasury official heads to Hong Kong to deepen ties with Beijing | Prosfunds\",\"isPartOf\":{\"@id\":\"https:\/\/prosfunds.com\/#website\"},\"datePublished\":\"2023-09-12T13:25:27+00:00\",\"dateModified\":\"2023-09-12T13:25:27+00:00\",\"description\":\"A top US Treasury official is heading to Hong Kong as the White House continues its quest to ease tensions with Beijing and avoid a destabilizing crisis.\",\"breadcrumb\":{\"@id\":\"https:\/\/prosfunds.com\/?p=10736#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/prosfunds.com\/?p=10736\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/prosfunds.com\/?p=10736#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/prosfunds.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"As China\u2019s economy hits turbulence, a top Treasury official heads to Hong Kong to deepen ties with Beijing\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/prosfunds.com\/#website\",\"url\":\"https:\/\/prosfunds.com\/\",\"name\":\"Funding Factories\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/prosfunds.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/prosfunds.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/prosfunds.com\/#organization\",\"name\":\"Funding Factories\",\"url\":\"https:\/\/prosfunds.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png\",\"contentUrl\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png\",\"width\":780,\"height\":140,\"caption\":\"Funding Factories\"},\"image\":{\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png\",\"contentUrl\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/prosfunds.com\"],\"url\":\"https:\/\/prosfunds.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"As China\u2019s economy hits turbulence, a top Treasury official heads to Hong Kong to deepen ties with Beijing | Prosfunds","description":"A top US Treasury official is heading to Hong Kong as the White House continues its quest to ease tensions with Beijing and avoid a destabilizing crisis.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/prosfunds.com\/?p=10736","og_locale":"en_US","og_type":"article","og_title":"As China\u2019s economy hits turbulence, a top Treasury official heads to Hong Kong to deepen ties with Beijing | Prosfunds","og_description":"A top US Treasury official is heading to Hong Kong as the White House continues its quest to ease tensions with Beijing and avoid a destabilizing crisis.","og_url":"https:\/\/prosfunds.com\/?p=10736","og_site_name":"Prosfunds","article_published_time":"2023-09-12T13:25:27+00:00","og_image":[{"width":800,"height":450,"url":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/09\/230707101945-yellen-china-li-qiang-070723.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/prosfunds.com\/?p=10736#article","isPartOf":{"@id":"https:\/\/prosfunds.com\/?p=10736"},"author":{"name":"News Room","@id":"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6"},"headline":"As China\u2019s economy hits turbulence, a top Treasury official heads to Hong Kong to deepen ties with Beijing","datePublished":"2023-09-12T13:25:27+00:00","dateModified":"2023-09-12T13:25:27+00:00","mainEntityOfPage":{"@id":"https:\/\/prosfunds.com\/?p=10736"},"wordCount":1000,"commentCount":0,"publisher":{"@id":"https:\/\/prosfunds.com\/#organization"},"articleSection":["Business"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/prosfunds.com\/?p=10736#respond"]}]},{"@type":"WebPage","@id":"https:\/\/prosfunds.com\/?p=10736","url":"https:\/\/prosfunds.com\/?p=10736","name":"As China\u2019s economy hits turbulence, a top Treasury official heads to Hong Kong to deepen ties with Beijing | Prosfunds","isPartOf":{"@id":"https:\/\/prosfunds.com\/#website"},"datePublished":"2023-09-12T13:25:27+00:00","dateModified":"2023-09-12T13:25:27+00:00","description":"A top US Treasury official is heading to Hong Kong as the White House continues its quest to ease tensions with Beijing and avoid a destabilizing crisis.","breadcrumb":{"@id":"https:\/\/prosfunds.com\/?p=10736#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/prosfunds.com\/?p=10736"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/prosfunds.com\/?p=10736#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/prosfunds.com\/"},{"@type":"ListItem","position":2,"name":"As China\u2019s economy hits turbulence, a top Treasury official heads to Hong Kong to deepen ties with Beijing"}]},{"@type":"WebSite","@id":"https:\/\/prosfunds.com\/#website","url":"https:\/\/prosfunds.com\/","name":"Funding Factories","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/prosfunds.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/prosfunds.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/prosfunds.com\/#organization","name":"Funding Factories","url":"https:\/\/prosfunds.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/","url":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png","contentUrl":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png","width":780,"height":140,"caption":"Funding Factories"},"image":{"@id":"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/prosfunds.com\/#\/schema\/person\/image\/","url":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png","contentUrl":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png","caption":"News Room"},"sameAs":["https:\/\/prosfunds.com"],"url":"https:\/\/prosfunds.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts\/10736","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10736"}],"version-history":[{"count":1,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts\/10736\/revisions"}],"predecessor-version":[{"id":10738,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts\/10736\/revisions\/10738"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/media\/10737"}],"wp:attachment":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}