Recently Yahoo News on-line reported the following:
What China’s 2024 Policy Goals Mean for Ties with the US
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Bloomberg News
Tue, March 5, 2024 at 2:30 a.m. PST
(Bloomberg) -- China’s big annual policy report shows it may
have to play nice with the US this year to counter its economic headwinds,
though ambitions to ramp up tech investment and military spending signal
tensions won’t go away.
Key goals outlined by Beijing on Tuesday ranged from countering Washington-led efforts to curb Chinese tech advancements to boosting defense expenditure — illustrating ongoing competition between the world’s two largest economies. Still, the need for cooperation was also present as Premier Li Qiang stressed officials will ensure foreign trade and investment is “overall stable.”
“We can expect Beijing to maintain its non-adversarial relationship with Washington for now” given its economic challenges, said James Char, a research fellow at Nanyang Technological University in Singapore. He added that only by doing so will Beijing “stand a chance of winning back investor confidence and reverse the trend of foreign capital exiting the country en masse.”
Here’s a closer look at what China’s work report means for the US:
Tech and Trade
China’s work report pledged to harness national resources to speed up breakthroughs in science and tech. President Xi Jinping has long pushed for self-reliance in technology, a goal made all the more important as the US and its allies seek to curb China’s ambitions in semiconductors, electric vehicles and artificial intelligence.
Washington’s crackdown on the export of advanced tech to China has limited access to cutting-edge chips that can develop AI models. Bloomberg News reported this week that Advanced Micro Devices Inc. has been barred from selling an AI chip it tailored for the Chinese market, with Washington deeming it still too powerful.
Beijing on Tuesday also vowed “to prevent overcapacity” in some key industries as companies suffer from squeezed profit margins after cutting prices to remain competitive.
China’s leaders are pouring money into manufacturing as it looks for new growth drivers to offset losses from the beleaguered real estate sector. That’s meant more spending for electric vehicles, batteries and renewable energy — though it’s also fueled imbalances that may renew global trade tensions between China and developed countries.
Foreign Access
Li promised in his speech to parliament to “take targeted steps to address prominent problems” that prevent foreign companies from operating in China or which hinder overseas investment. He cited measures to allow firms to participate on “equal footing” with local ones in government procurement and bidding, issues that have been repeatedly raised by visiting US and European officials.
US and other foreign companies have grown pessimistic on China in recent years as economic growth slows and geopolitical tensions rise. Direct investment into the nation by overseas businesses slumped to a 30-year low in 2023. Profits of foreign industrial firms in China dropped 6.7% last year from 2022.
There are some early signs of improvement. The head of the US Chamber of Commerce visited the country late last month, and a recent survey by the American Chamber of Commerce in China showed firms are optimistic about their profit potential.
“We are encouraged by the announcement of reforms that will level the playing field for foreign and local investors,” AmCham China Chair Sean Stein said Tuesday. “But announcements don’t move markets and promises don’t drive investment. The key, as ever, will be full and timely implementation.”
(to be continued)
Translation
（彭博）—中國的大型年度政策報告顯示，中國今年可能必須與美國友好相處，以應對經濟逆風，但加大科技投資和軍事開支的雄心表明緊張局勢不會消失。
北京周二概述的主要目標包括對抗華盛頓主導的遏制中國科技進步的努力，以及增加國防開支 - 這表明世界上最大的兩個經濟體之間正在進行的競爭。 儘管如此，合作的必要性仍然存在，李強總理強調，官員將確保外貿和投資「整體穩定」。
新加坡南洋理工大學研究員 James Char 表示，鑑於其經濟挑戰，「我們可以預期北京目前將與華盛頓保持非敵對關係」。 他補充說，只有這樣做，北京才有機會重新贏得投資者的信心，扭轉外資大規模退出中國的趨勢。
以下是中國工作報告對美國意義的詳細分析：
科技與貿易
中國的工作報告承諾利用國家資源加快科技突破。 習近平主席長期以來一直推動技術自力更生，隨著美國及其盟友尋求遏制中國在半導體、電動車和人工智慧方面的野心，這一目標變得更加重要。
華盛頓對向中國出口先進技術的打擊限制了它獲取可開發人工智慧模型的尖端晶片。 彭博新聞社本週報道稱，超微半導體公司 已被禁止銷售其為中國市場定制的人工智慧晶片，華盛頓認為該晶片的性能仍然過於強大。
北京週二還誓言要 “防止一些關鍵行業的產能過剩” ，因為企業在降價以保持競爭力後利潤率受到擠壓。
中國領導人正在向製造業注入資金，尋找新的成長動力，以抵消陷入困境的房地產行業的損失。 這意味著電動車、電池和再生能源的支出增加，儘管這也加劇了失衡，可能會導致中國與已開發國家之間的全球貿易緊張局勢再度緊張。
國外企業進入
李克強在人大講話中承諾，「有針對性地解決阻礙外國企業在華經營、阻礙海外投資的突出問題」。 他列舉了允許企業與當地企業「平等」參與政府採購和招標的措施，這是來訪的美國和歐洲官員多次提出的問題。
近年來，隨著經濟成長放緩和地緣政治緊張局勢加劇，美國和其他外國公司對中國越來越悲觀。 2023年海外企業對華直接投資跌至30年來的最低點。去年在華外資工業企業利潤較2022年下降6.7%。
有一些改善的早期跡象已見到。 美國商會負責人上月底訪問了中國，中國美國商會最近的一項調查顯示，企業對其獲利潛力持樂觀態度。
中國美國商會主席 Sean Stein 週二表示： “我們對宣布的改革感到鼓舞，這些改革將為外國和本地投資者提供公平的競爭環境。” “但公告本身不會推動市場，承諾本身也不會推動投資。 與以往一樣，關鍵是全面、及時的實施。”
（待續）
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