US Chinese diplomat Wang Yi speaking

The geopolitical tension has increased between US and China of late. The senior Chinese diplomat Wang Yi is on the news wire calling for the US to remove all unilateral sanctions, tariffs, long arm jurisdiction and technology blockade on China.

He adds:

  • China's development is not to challenge or replace the US
  • it is up to the US to make the right choice for Sino-US relations to improve
  • China is opposed to Biden administration's increased depression of China
  • US should not challenge, defame or try to overthrow China's system of socialism with Chinese characteristics

Meanwhile China imposed sweeping regulation on online education over the weekend leading to a sharp fall in equities. They have also been pressuring and regulating the Chinese tech and property companies of late.

China's CSI300 index fell 3.22% to end at its weakest close since December. The Shanghai Composite Index declined 2.34% to a two-month closing low, and the Shenzhen Compositefell 2.28%.