US Envoy Wants More China Trade; Intel Optimistic

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(Bloomberg) — The U.S. Ambassador to China said his country wants more trade with the world’s second-largest economy rather than decoupling, and Australian Trade Minister Don Farrell said ties with Beijing are improving.

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Ambassador Nicholas Burns made his comments Monday during a visit to the China International Import Expo in Shanghai. Farrell was speaking at the Hongqiao International Economic Forum, which runs parallel to the expo.

An executive at Intel Corp.’s China office. said the company remains bullish on the nation and is developing AI products for its PC and chip market.

(All items are Shanghai time)

Chinese official sees demand potential in elderly care (3 p.m.)

The government has an opportunity to develop the “silver economy,” that is, care for the elderly, Liu Ming, an official at China’s top planner, said in a speech at the Hongqiao forum.

The rapid growth of the elderly population, coupled with rising incomes and better health care, is driving demand, Liu said.

Official data shows that people aged 60 and over make up almost a fifth of China’s population. Their numbers are expected to double by 2050.

Intel Optimistic in the Chinese Market (11:45 AM)

Intel Corp., one of the largest foreign exhibitors at this year’s CIIE, said it remains positive in the Chinese market, where it employs about 12,000 people. Bing Zhou, general manager of Intel China Corporate Affairs, said on the sidelines of the expo that the chipmaker is working to develop AI-enabled products for the world’s largest PC and semiconductor market.

He declined to comment on US chip restrictions on China, with the curbs a major source of friction between Washington and Beijing.

“The Chinese economy continues to recover,” he said. “We are working to develop more PC products with AI features.” Zhou said Intel envisions around 100 million AI-enabled PCs by 2025, most of them in China.

Burns says US wants more Chinese trade (11:20 a.m.)

Burns said in a speech at the CIIE that Washington “is not in favor of decoupling these two economies. We want even more trade.”

The countries have an “extremely important economic relationship,” he said, citing agriculture as one of the most successful aspects of trade ties.

A recent interview Burns gave to Bloomberg News can be viewed here.

China urges cooperation on industry standards (10am)

Vice Minister of Commerce Sheng Qiuping called on countries around the world to step up cooperation on industry standards, a move he said would promote trade and supply chain integration.

In a speech at the Hongqiao Forum, Sheng also said trade and industrial cooperation could improve if China and other countries made efforts to recognize each other’s standards.

Farrell sees improving ties with China (9:15)

Australian Prime Minister Anthony Albanese’s visit to China “is a sign of the positive direction our bilateral relations are heading,” Farrell said in a video address at the Hongqiao forum.

He added that he hoped Australian wine and lobster would soon return to Chinese dinner tables, and that he saw a strong future with the Asian nation in areas such as healthcare, tourism, education and clean energy technologies.

After attending the opening of the CIIE, Albanese is in Beijing to meet Chinese leader Xi Jinping. Ties between the nations are improving after years of tension.

–With help from James Mayger, Sarah Zheng, Qizi Sun, and Jason Rogers.

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