US-China trade: how raids, restrictions and the art of woo are simultaneously employed amid tense ties

Monday meeting between China’s commerce minister, Wang Wentao, and American firms in Shanghai seen as Beijing’s latest attempt to resist decoupling with Washington

With the economies of both China and the US feeling the pressure of ‘de-risking’ efforts, Wang could seek answers this week in Detroit during Apec talks

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On Monday, representatives of American companies met with Chinese Minister of Commerce Wang Wentao in Shanghai. Photo: AmCham Shanghai

Published: 8:30pm, 23 May 2023Updated: 11:15am, 24 May 2023

After China escalated anxiety across the foreign business community by raiding consultancies and imposing restrictions on US chip maker Micron, its commerce minister moved on Monday to settle the nerves of American investors.

At a meeting in Shanghai, attended by representatives of US firms and the local American Chamber of Commerce, Wang Wentao praised the economic and trade benefits of the two countries finding ways to continue working together.

Emphasising the importance of the China market for American companies, the minister’s warm message of win-win cooperation also appeared to be aimed at advancing Beijing’s attempts to thaw icy trade relations with Washington, as the two sides seem prepared to move past February’s “spy balloon” saga.

Later this week, Wang could be the first high-ranking Chinese official to have bilateral face-to-face meetings with a US counterpart since 2020, on the sidelines of Asia-Pacific Economic Cooperation (Apec) talks in Detroit.

And analysts say Chinese authorities are keen on ascertaining the true meaning and intentions behind comments made by US officials in the past month, regarding China’s alleged “economic coercion” and US aspirations to “de-risk” its relationship with China.