U.S. Treasury Secretary Janet Yellen concluded her four-day Beijing visit with a press conference, where she described her 10 hours of meetings with Chinese officials as “direct, substantive and productive.” She sees these talks as a positive step towards establishing more stable relations between the two largest economies in the world.
Yellen’s visit comes during a period of potential restrictions on U.S. investment in China, as the global competition for technological dominance heats up. She is the second member of President Joe Biden’s cabinet to visit Beijing recently, as part of efforts to improve the relationship between the two countries.
In her prepared remarks, Yellen emphasized the need for clear and direct communication to address the significant disagreements between the U.S. and China. However, she stressed that the Biden administration does not view the relationship as a great power conflict. Instead, she believes that both countries can coexist and share in global prosperity.
During her press conference, Yellen assured that any restrictions on U.S. outbound investments would be transparent and narrowly targeted. She also expressed the willingness of the U.S. to address any unintended consequences raised by Chinese officials. Overall, she sees her bilateral meetings as a step forward in improving the U.S.-China relationship.
Prior to Yellen’s visit, Beijing imposed export curbs on chipmaking metals, which sparked tensions. In response, the U.S. implemented rules to cut off key chip exports to China. These actions highlight the challenges both countries face in balancing economic cooperation and strategic competition.
Yellen emphasized that the U.S. does not seek to decouple from China but rather aims to diversify critical supply chains and take targeted national security actions. She believes that decoupling the two largest economies would be detrimental for both countries and the world at large.
The Chinese government described the talks between Yellen and Chinese officials as constructive. Both sides acknowledged the importance of maintaining economic and trade exchanges while expressing concerns about sanctions and restrictions. They agreed to strengthen communication, cooperation, and address global challenges together.
Striking a Balance
Yellen faced a delicate task during her visit to Beijing. She raised concerns about coercive actions against American firms while seeking Chinese cooperation on issues like debt distress and climate change. Fairness in economic competition was a key principle highlighted by Yellen, emphasizing the need for a balanced approach.
In a previous speech, Yellen outlined three economic priorities for the U.S.-China relationship: protecting national security interests and human rights, promoting mutual growth, and collaborating on global challenges like climate change and debt distress. She encouraged China’s support for existing multilateral climate institutions to maximize their impact.
Yellen’s visit is part of ongoing efforts to stabilize U.S.-China relations. Her discussions with Chinese officials aim to reduce misunderstandings, enhance cooperation, and pave the way for future meetings between President Biden and President Xi Jinping. Building a resilient communication channel with China’s economic team is critical for productive engagement.
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