United States policy towards China is unlikely to change dramatically in the early stages of President-elect Joe Biden's administration, Moody’s investor service said in a note. A renewed emphasis on improving relations with traditional allies in Asia is likely to confront the long term shifts in the economic and geopolitical balance that are increasing China's centrality to the region, the rating agency said.
“We expect Biden administration policies to have at most a marginal impact on credit conditions in Asia,” Moody said.
The bipartisan view among US policymakers of China as a key strategic rival, with friction around trade, technology, security, and human rights, will permeate Biden's China policy.
“Biden is therefore unlikely unilaterally to unwind the trade and market access actions the Trump administration took against China, in part to preserve negotiating leverage, Moody said.
Biden administration is likely to search for areas of cooperation with China President Xi Jinping, including climate change and pandemic control.
However, Biden's multilateral approach toward China will not stop ongoing structural shifts that have accelerated during the coronavirus pandemic, the agency noted. US restrictions on China’s access to advanced technology will remain in place. More negotiations and engagement between the two countries are likely over the next year with a focus on protecting national security, data privacy, and intellectual property, it said. However, uncertainty around prolonged negotiations and regulatory risks will raise production and operational costs for China's technology companies in restricted sectors.Dr. Dhillon Randeep
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