I attended the Foreign Policy Classroom at the US Department of State. The topic was on “US-China Economic Relations.” The guest speaker was Lawrence Grippo, Bureau of Economic and Business Affairs who serves as a trade policy analyst for the Office of Bilateral Trade Affairs. Mr. Grippo discussed various aspects of US-China economic relations. He touched basis on how US companies are making profit compared to the labor rates paid to Chinese laborers. He also discussed how the Chinese economy has been successful after the economic reforms after long dependence on the Soviet’s to enhance the Chinese economy.
He also explained the Chinese government’s efforts in helping their economy by providing money to subsidize small businesses, innovations and researches. China has also had success in clean energy production, pharmaceutical industry, and building aircrafts. Mr. Grippo went on explaining that China is focused more on investments and not on labor. There are also some regulations that both US and China have on companies especially when it comes to national security. This event was very helpful for me to understand some basics about US-China economic relations.