Joe Biden on Chinese Economy, as a time bomb due to the nation's economic difficulties

On Thursday, US President Joe Biden referred to China as “ticking time bomb” due to the country’s economic challenges, which include slow development, but incorrectly stated the country's growth rate.

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They have some difficulties. Biden stated at a political fundraiser in Utah that this is unfavourable because when bad people have difficulties they do bad things.

Biden stated on Thursday that he did not wish to harm China and desired a rational relationship with the country, but that the country's future was bleak. China is an imminent threat... China is in difficulty. China grew at an annual rate of 8% to maintain growth. Now approaching 2% per year, he stated.

China's National Bureau of Statistics reported that the country's economy rose 4.5% in the first quarter and 6.3% in the second, with the gross domestic product increasing by only 0.8% in April-June compared to the previous quarter, following a 2.2% increase in the first quarter.

The Chinese Ministry of Foreign Affairs had no immediate comment. Biden's comments were similar to those he made in June at another fundraiser, where he referred to Chinese President Xi Jinping as a "dictator." China deemed those comments offensive.

These words came soon after US Secretary of State Antony Blinken returned from a trip to China, where he tried to improve relations that Beijing said were at their lowest since formal ties began in 1979.

Wednesday, Vice President Biden signed an executive order prohibiting new U.S. investments in China involving sensitive technologies such as computer processors.  China, which has the second-largest economy in the world, stated that it was "gravely concerned" about the order and that it reserved the right to take action.

In July, China's customer prices went into deflation, and factory-gate prices kept going down. This was different from the rest of the world, where prices went up. The world's largest economy, the US, has battled rising inflation and a strong labour market.

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