Stuart Varney: China is determined to humiliate Biden officials despite 'intensifying problems' at home
China is hiding its problems from the world while maintaining its arrogance, Varney argues
Stuart Varney: China is determined to humiliate Biden officials despite intensifying problems at home
Varney & Co. host Stuart Varney addresses concerns over recent trips to China by Treasury Secretary Janet Yellen and Secretary of State Antony Blinken.
During his "My Take," Monday "Varney & Co." host Stuart Varney discussed China's lack of respect for senior Biden officials after Treasury Secretary Janet Yellen's trip to Beijing, arguing the communist nation is using "diplomatic theater" to cover up for big problems at home.
STUART VARNEY: China has not been treating our senior officials with respect.
The Communist Party seems determined to humiliate our Secretary of State and our Treasury Secretary.
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This got a lot of attention.
U.S. Treasury Secretary Janet Yellen, left, shakes hands with Chinas Vice Premier He Lifeng during their meeting at the Diaoyutai State Guesthouse in Beijing, Saturday, July 8, 2023. (Pedro Pardo/Pool Photo via AP / AP Newsroom)
Janet Yellen, bowing three times to He Lifeng, China's top economic official.
It's not quite the kowtow that entails full prostration, but it's a sign of humility, which is exactly what Beijing wants.
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The three bows will surely be used to show China's power. That tape will have gotten a lot of use on Chinese television.
Last month Secretary of State Antony Blinken went to Beijing and was met by a low-ranked official. That sent a dismissive message.
U.S. Secretary of State Antony Blinken shakes hands with Chinese President Xi Jinping in the Great Hall of the People in Beijing, China, Monday, June 19, 2023. (Leah Millis/Pool Photo via AP / AP Newsroom)
He was kept waiting for hours before he was harangued about spy balloons. It's a form of diplomatic theater.
Trying to show the world the strength of China, and the weakness of America.
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But it ignores and covers up China's intensifying problems.
They don't get much coverage, but they should because China is the world's second-largest economy and has become the workshop of the world.
Chinese President Xi Jinping (Photo by Milos Bicanski/Getty Images | istock / Getty Images)
Did you know that China's population is actually falling? It is aging fast.
They have a vast unfunded pension liability. They have a collapsing real estate market and a slowing economy.
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The Communist Party has a deal with the Chinese people. We keep political power. You keep quiet, and you will be prosperous.
That growing prosperity is under threat, but China can't show it. It has to maintain its arrogance.