Oil market is still struggling with the shadow of US and Chinese

Relations between China and U.S.

The U.S. has the largest economy and the second spot belongs to China. However, the relations between the two largest economies remain full of challenges. According to Chinese Foreign Minister Wang Yi, China is ready to reopen constructive dialogue with U.S. President Joe Biden’s administration.

As a reminder, relations between the countries deteriorated in the previous years. Moreover, he called on Washington to lift unreasonable tariffs on Chinese goods and remove restrictions on people-to-people contacts.

Interestingly, the minister’s comments came as China presses the new administration to drop many of the previous administration’s confrontational measures. As a reminder, these include pressure over trade and technology grievances that prompted Trump to hike tariffs on Chinese technology companies and academic exchanges.

Donald Trump also upgraded military and diplomatic ties with Taiwan, self-governing island democracy claimed by China as its territory. Moreover, the Trump administration imposed sanctions on Chinese officials blamed for abuses against Muslim minorities in Xinjiang. Another reason why the previous administration made the decision was the situation in Hong Kong.

China and the Biden administration

According to Wang Yi, the U.S. should reactivate all dialogue levels, which the U.S. halted under the Trump administration. He did not forget to mention a recent call between Biden and Chinese President Xi Jinping.

Moreover, China is ready to defend the rights of U.S. companies while hoping that the U.S. would adjust its policies. China wants the U.S. to lift unilateral sanctions on Chinese companies. Furthermore, the country wants the other side to abandon the irrational suppression of China’s technological progress.

The coronavirus pandemic created tons of problems. The largest economies in the world should try not to create additional issues. However, China should pay more attention to intellectual property as well as other problems. This way, it will be easier to improve relations with the U.S.

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