China-US Economic Ties

US Seeks to Cut China’s ‘Developing Country’ Status – The Hill

 

Lawmakers in the US Congress voted unanimously (415-0) on Monday to direct the Secretary of State to work to strip China of its ‘developing country’ status in international bodies, according to a report by The Hill, which said ‘The PRC is Not a Developing Country Act’ directs Antony Blinken to propose a mechanism to alter China’s status “from developing country to upper middle income country, high income country or developed country for international organizations that include both the US and China”.

Congress wants the top US diplomat to ensure China does not receive preferential treatment or assistance within organizations because it is classed as a developing country, despite being the world’s second largest economy and having 18.6% of the global economy, the report said, which quoted Republican Young Kim as saying China was using its developing country status “to game the system and hurt countries that are truly in need”.

Read the full report: The Hill.

 

ALSO SEE:

 

US Looking to Ban Some Investment in Adversarial Nations – WSJ

 

Nvidia’s Plan for Sales to Huawei at Risk if US Extends Curbs

 

US-China Rivalry May Spur Decoupling of Chip Sector – BBC

 

 

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.

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