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Biden Warns of Economic Crisis if China is Not Addressed

President Biden expressed concern on Thursday about China’s economic challenges, including high unemployment and an aging workforce. He referred to China as a “ticking time bomb” that could have repercussions for the global economy and pose a potential threat to other nations. During a fundraising event, Biden emphasized the possibility of bad actors taking advantage of China’s internal problems. This is not the first time Biden has criticized China, even as his administration aims to ease tensions between the two countries. Previously, he referred to President Xi Jinping as a “dictator” and referenced the spy balloon incident that caused further strain in the US-China relationship.

While Biden strives for a rational relationship with China, he still views Beijing as the United States’ biggest economic competitor. He reiterated his intentions not to harm China but emphasized his vigilance. The president’s comments highlight the complexity of diplomacy as his administration attempts to navigate the relationship with China, balancing economic and military considerations. Recent events, such as the spy balloon incident and China’s infiltration of US military bases’ networks, have chilled relations between the two countries. Although Biden seeks competition rather than conflict, he takes measures to curtail China’s rise and limit its access to US-developed technologies that could enhance its military capabilities.

This week, Biden signed an executive order that prohibits American investment in certain Chinese technology sectors that could contribute to Beijing’s military strength. China responded by implying potential retaliation and accusing the US of politicizing and weaponizing trade. Consequently, the president’s remarks may complicate efforts to arrange a face-to-face meeting between Biden and Xi in the near future. The two leaders have not met in person since November 2020, and it remains uncertain whether they will have an in-person meeting at the upcoming Asia-Pacific Economic Cooperation summit in San Francisco, which Xi is expected to attend.

As tensions persist between the US and China, finding a balance between competition, cooperation, and addressing potential threats remains crucial. Both countries continue to engage in diplomatic discussions through visits and negotiations between high-ranking officials to manage their complex relationship.

Perspective: It is vital for world leaders like President Biden to address the economic challenges posed by China. The issues of high unemployment and an aging workforce in China could have far-reaching implications not only for its own stability but also for the global economy. By recognizing the potential threats that arise from internal problems within other nations, leaders can work towards finding cooperative solutions that prioritize stability and security for the international community.

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