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Biden says Xi knows that China’s future is linked to West

Economy8 hours ago (Mar 24, 2022 05: 56PM ET)

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© Reuters. FILE PHOTO: U.S. President Joe Biden holds digital talks with Chinese President Xi Jinping from the Subject Room on the White Home in Washington, U.S., March 18, 2022. The White Home/Handout by REUTERS.

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By Jarrett Renshaw and Trevor Hunnicutt

BRUSSELS (Reuters) -U.S. President Joe Biden on Thursday talked about that China knows its financial future is tied to the West, after warning Chinese chief Xi Jinping that Beijing may possibly possibly well remorse siding with Russia’s invasion of Ukraine.

“I made no threats nonetheless I made it determined to him – made particular he understood the results of serving to Russia,” Biden quick journalists of his call on Friday with Xi.

“I pointed out the alternative of American and international firms that left Russia as a final result of their barbaric habits.”

The Biden administration has been pressuring China to refrain from supporting Russia including by serving to it counter Western sanctions and offering defense power help.

China has not condemned Russia’s motion in Ukraine, although it has expressed deep drawback about the warfare as neatly as about Western sanctions, which it regards as counter-productive and unilateral.

Biden’s feedback pointed to the industrial interdependence of China and the US, its largest trading partner.

That is leverage Washington needs to employ to nudge China away from Russia after the two countries touted a “no limits” strategic partnership in February. Nevertheless any sanctions or other counter-measures in opposition to Beijing would accept as true with spillover effects for the U.S. economy, too, experts allege.

Aloof, there are already indicators that the Sino-Russian relationship is at possibility of be hurting international funding in China, including essential capital flows from the nation since Russia’s Feb. 24 invasion of Ukraine, in maintaining with the Institute of World Finance.

“China understands that its financial future is a ways extra closely tied to the West than it is to Russia,” Biden quick a news convention on the sidelines of emergency conferences in Europe about the Ukraine warfare.

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