Afterward the summit, Biden and Vietnamese General Secretary Nguyen Phu Trong will meet in Hanoi and are expected to announce plans to tighten economic cooperation.
The Chinese economy is weighed down by a property bubble, local government debt, high youth unemployment and a broader inability to rebound as expected from pandemic lockdowns.
But so far this year, the U.S. economy has outperformed expectations as the Chinese economy has underperformed.
Still, China’s economic challenges could create more geopolitical risk as economics can often inform national security strategies.
At an August fundraiser in Utah, Biden called China's economy a “ticking time bomb.”“When bad folks have problems, they do bad things,” the president said.
Persons:
Joe Biden, Biden, Xi Jinping, Li Qiang, Nguyen Phu Trong, ”, Colleen Cottle, Gina Raimondo, Raimondo, ” Raimondo, ” Biden, Xi, Kamala Harris, Jake Sullivan, ” Sullivan, Yun Sun, Narendra Modi, Modi, Tracy Brown
Organizations:
WASHINGTON, Group, World Bank, International Monetary Fund, Biden, South China, White, Associated Press, U.S, Association of Southeast Asian Nations, White House, IMF, Stimson, Indian
Locations:
India, Vietnam, United States, China, White, New Delhi, Hanoi, Malaysia, Philippines, Taiwan, Brunei, South, Washington, U.S, Beijing, Jakarta, Indonesia, The U.S, Pakistan, Kenya, Zambia, Laos, Mongolia, Utah, Ukraine