U.S. President Joe Biden Labels China a “Ticking Time Bomb” Due to Economic Challenges
SALT LAKE CITY (Reuters) – On Thursday, U.S. President Joe Biden referred to China as a “ticking time bomb” during a political fundraiser in Utah. Biden highlighted China’s economic challenges, including weak growth, but misquoted the country’s growth rate.
“They have got some problems. That’s not good because when bad folks have problems, they do bad things,” Biden stated, expressing concern about the potential consequences of China’s economic struggles.
Despite his warning, Biden emphasized that he did not want to harm China and hoped for a rational relationship with the country. However, he made a dire prediction about China’s future.
“China is a ticking time bomb … China is in trouble. China was growing at 8% a year to maintain growth. Now close to 2% a year,” Biden said.
Data from China’s National Bureau of Statistics disputes Biden’s statement, showing that the country’s economy grew 4.5% in the first quarter and 6.3% in the second quarter. In April-June, China’s gross domestic product expanded by 0.8% from the previous quarter, following a 2.2% growth in the first quarter.
China’s foreign ministry has not yet responded to Biden’s remarks.
This is not the first time Biden has made controversial comments about China. In June, he referred to Chinese President Xi Jinping as a “dictator” during another fundraiser, sparking criticism from China. The Chinese government viewed these comments as a provocation.
Biden’s recent comments follow U.S. Secretary of State Antony Blinken’s visit to China aimed at stabilizing relations. Beijing described the current state of U.S.-China relations as being at their lowest point since formal ties were established in 1979.
In response to China’s economic challenges, Biden signed an executive order on Wednesday, restricting new U.S. investment in China in sensitive technologies such as computer chips. China, as the world’s second-largest economy, expressed grave concern about the order and reserved the right to take countermeasures.
China’s consumer sector experienced deflation, and factory-gate prices continued to decline in July, contrasting with inflation trends in other parts of the world.
The United States, as the world’s largest economy, has been grappling with high inflation while maintaining a robust labor market.
Reporting by Nandita Bose; Writing by Jeff Mason; Editing by Cynthia Osterman, Heather Timmons, and Philippa Fletcher
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