US Deputy Treasury Secretary Wally Adeyemo has commented that China’s economic challenges are more likely to affect its neighboring region than the United States.

This statement follows President Joe Biden’s description of China’s economic situation as a ‘crisis.’

President Biden had mentioned China’s economic slowdown, attributing it to a weak global economy and Chinese policies, during his recent visit to Asia.

Regarding the potential for China to sell its holdings in US Treasuries, Adeyemo expressed more concern about the impact on China’s neighbors and Europe, given the strength of the US economy.

He explained that while certain Chinese decisions may affect specific companies, the overall exposure of the United States to China’s economy is limited.

Adeyemo urged China to open up its economy to the private sector, suggesting that this move could enhance China’s economic growth by fostering competition.

He emphasized the importance of creating a level playing field for American and European businesses to operate in China, similar to how Chinese businesses operate in the United States.

China’s economic situation remains a topic of global concern, with implications for both regional and international economies.