The U.S. is done applauding China for promising economic reforms and wants to see the Asian nation back up its professed support for open trade, according to a senior U.S. Treasury official.
The world has woken up to China's failure to open its economy to market forces, as Beijing promised when it won membership in the World Trade Organization in 2001, said David Malpass, the Treasury's undersecretary for international affairs. His comments add to the barrage of criticism the Trump administration has unleashed over China's trade and investment practices, though it's done little yet to act on a promised crackdown.
“We're coming off a period of years where China was congratulated by the U.S., by other countries for whatever they were doing,” Malpass said at an event in Washington on Wednesday. “They went to Davos a year ago and said 'We're into trade,' when in reality what they're doing is perpetuating a system that worked for their benefit but ended up costing jobs in most of the rest of the world.”
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