American, China should ‘harbor no illusions’ as they cooperate, compete on AI, Bessent states
As Beijing and Washington stay locked in an intense race to achieve global dominance in AI, Bessent, however, stopped short of making any commitment to limit advancement of the technology. Huiyao Wang, founder of Center for China and Globalization, a think tank that closely aligns…
In this article
On the China economy front, As Beijing and Washington stay locked in an intense race to achieve global dominance in AI, Bessent, however, stopped short of making any commitment to limit advancement of the technology, according to CNBC Top News. Huiyao Wang, founder of Center for China and Globalization, a think tank that closely aligns with Beijing's thinking, stated last month that the U.S.-China discussions should "confront AI risks and manage them together."
Inside the China economy story
The Trump administration has largely resisted broadening restrictions on AI development over worries of ceding a competitive edge to China, though the president has more lately hinted some openness to putting in place regulatory safeguards. "I don't mind guardrails," he stated in a CBS interview released Sunday, while noting that he did not want regulations to put the American in "a deep second position" behind China, which he stated had no such restrictions.
Why China economy matters for traders
China is the world's largest commodity importer, so its growth outlook and policy decisions affect metals, oil and the currencies of trading partners such as Australia and New Zealand.
Stimulus measures or weak data from China can quickly shift sentiment in Asian markets, industrial commodities and the Australian dollar.
Market reaction and data
Crypto prices at the time of writing, from Binance spot data (2026-11-11 05:16 UTC):
| Asset | Last price (USDT) | 24h change | 24h high | 24h low |
|---|---|---|---|---|
| Bitcoin (BTC) | 73,818.01 | -1.41% | 74,996.01 | 72,727.27 |
| Ethereum (ETH) | 2,065.74 | -2.84% | 2,132.07 | 2,006.00 |
What to watch next for China economy
Watch for Chinese activity data, policy support announcements from Beijing and moves in the yuan and commodity-linked currencies.
Key scheduled releases on the economic calendar:
- GBP GDP m/m on Thu Nov 12, 07:00 UTC, forecast 0.0%, previous 0.1%
- USD Core PPI m/m on Fri Nov 13, 13:30 UTC, forecast 0.3%, previous 0.7%
- USD PPI m/m on Fri Nov 13, 13:30 UTC, forecast 0.4%, previous 1.3%
Follow every update in our Top 10 Breaking Market News, read China economy: Alibaba reveals intends to list T-Head, its Nvidia chip rival or see all of today's top market news.
FAQ
What is the latest China economy news?
As Beijing and Washington stay locked in an intense race to achieve global dominance in AI, Bessent, however, stopped short of making any commitment to limit advancement of the technology.
Why does China matter for forex traders?
China's demand for raw materials and its trade links make its economy a key driver for commodity currencies like the Australian and New Zealand dollars.
Where does this information come from?
This report is based on coverage from CNBC Top News, checked against market data where available. It is a summary for information only and not investment advice.
Risk warning: This article is for information only and is not investment advice. Trading forex, CFDs, stocks and crypto carries a high risk of losing money. Prices move fast – check live quotes before you trade.
