China’s economic problems, especially its slow growth, have been referred to as a “ticking time bomb” by US Vice President Joe Biden, who misspoke about the growth rate of the nation. The Chinese foreign ministry has not responded to Biden’s comments, but he did not intend to offend China and wished for a mature relationship with it.
The words Biden used to describe President Xi Jinping were similar to those he used earlier to refer to him as a “dictator,” which China viewed as provocative. China stated that it was “gravely concerned” about the executive order that Vice President Biden signed last Wednesday, which forbade fresh US investment in delicate technologies like computer chips.
Contrary to global inflation, China’s consumer sector experienced deflation in July, while factory-gate prices continued to drop. The largest economy in the world, the US, has battled high inflation and seen a healthy leather market.
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