“Ticking time bomb”: US President Biden warns of China’s economic problems

US President Joe Biden has China because of his economic challenges referred to as a “ticking time bomb”. “You have some problems. That’s not good because when bad people have problems, they do bad things,” Biden said at an event for Democratic Party donors in Utah.

China’s consumer prices and factory prices continued to fall in July. The country thus slipped into deflation. Many experts took this as a sign of a slowdown in China’s economy and slower economic growth.

“China is in trouble”, Biden said Thursday. He does not want to hurt China and wants a rational relationship with the country.

US President Biden signed a decree on Wednesday authorizing the US Treasury Department to Ban investments in Chinese companies in three sectors or to limit: semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems.

China “disappointed” – EU examines decree

The The Chinese government was then “very disappointed” about US action. The restrictions would “seriously undermine the interests of Chinese and American companies and investors,” the Chinese embassy in Washington said. China will closely monitor the situation and resolutely defend its rights and interests.

The The EU Commission wants the announced restrictions for certain US investments in China analyze. “We are in close contact with the US government and look forward to further cooperation in this area,” said a spokeswoman for the authority in Brussels on Thursday. We are aware of the importance of the topic.

The EU and member states also have a common interest in preventing European companies’ capital and expertise from enhancing the military and intelligence capabilities of actors “which they may use to undermine international peace and security”. (Reuters/dpa)

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