After a series of high-level meetings in Beijing, Treasury Secretary Janet Yellen expressed satisfaction with the progress made in establishing ongoing diplomacy between the United States and China. Yellen emphasized the importance of building personal relationships and establishing communication channels to address concerns in areas such as national security, technology, and trade.
During an interview on “Face the Nation,” Yellen described her trip as successful in fostering these relationships and creating opportunities for more frequent exchanges at the staff level. Throughout her visit, Yellen met with prominent Chinese officials including Premier Li Qiang, Vice Premier Liu He, Finance Minister Liu Kun, and Pan Gongsheng, deputy governor of the People’s Bank of China.
Yellen emphasized that despite competition and tensions, the United States aims to cultivate a mutually beneficial long-term economic relationship with China. She believes that healthy economic competition can be sustained and benefit both countries. Yellen also expressed concerns about the treatment of U.S. workers and businesses, particularly punitive actions against American firms and China’s restrictions on the export of minerals essential for semiconductor technologies.
Regarding the protection of U.S. businesspeople from intimidation, Yellen confirmed that this issue was raised during her meetings with Chinese officials. She assured that further discussions and efforts will be made to address the concern. Yellen’s visit took place amidst ongoing trade disputes and the implementation of China’s anti-espionage law, which raised concerns among American companies operating in China.
Yellen stressed the importance of finding common ground and avoiding unintended escalatory actions that could harm the overall economic relationship between the United States and China. She acknowledged the limited contact between both countries due to the COVID-19 pandemic, highlighting the potential for miscommunication and misunderstanding.
In terms of China’s recent export controls on essential computer chip components, Yellen expressed concern about these actions and their potential retaliatory nature. She emphasized that the United States’ actions are narrowly targeted to address national security concerns, unlike China’s actions, which may not be as narrowly focused.
Lastly, Yellen discussed the concerns about a potential slowdown in the Chinese economy and the possibility of a recession in the United States. While stating that a recession cannot be completely ruled out, Yellen highlighted the strength of the job market and the high level of prime age labor force participation. She expects monthly job gains to normalize as the labor market stabilizes.
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