US Investment Strategy in China Criticized by Robert Rubin Amid Global Tensions
Robert Rubin Critiques US-China Investment Approach
US former Treasury Secretary Robert Rubin raised significant concerns regarding the Biden administration's investment strategy aimed at China during an event in Shanghai. He highlighted that the ongoing Russia's invasion of Ukraine has exacerbated the situation. Rubin pointed out that this 'small yard, high fence' approach, which restricts Chinese access to crucial technologies, may ultimately lead to a lose-lose scenario for both countries.
The State of the World Trade Organization
During his remarks, Rubin noted the deterioration of the World Trade Organization (WTO), stating that the US has contributed to this crisis by blocking appointments to the WTO’s appeals panel since 2019. He stated that China's commitment to WTO rules contrasted sharply with the US approach.
Call for Cooperation Between China and the US
Rubin emphasized that while there are legitimate concerns behind the imposition of tariffs, the overarching message was for both nations to find common ground on critical issues, including artificial intelligence and trade relations. He insisted that cooperation could lead to mutual economic benefits despite an atmosphere charged with trade restrictions.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.