The Biden administration’s efforts to stabilize U.S.-China economic ties have faced a new challenge as the Chinese government replaced its familiar policymakers with a lineup of new officials. This change has brought uncertainty to the diplomatic relationship between Washington and Beijing and has made it more difficult for the U.S. Treasury Secretary, Janet L. Yellen, to find common ground with her Chinese counterpart, Vice Premier He Lifeng.
Yellen’s visit to China was aimed at understanding Xi’s new team and narrowing the diplomatic gap between the two countries. The talks between Yellen and He addressed the redefinition of commercial links that generate profits and those that create security risks. The U.S. aims to revive government-to-government communications that have declined due to the pandemic and the increasing strategic rivalry. However, Yellen may struggle to find common ground with He, who has a history of supporting state-directed investments and emphasizing the state’s economic role.
Despite their differences, Yellen and He expressed a willingness to work towards a stable U.S.-China relationship that benefits both countries. Yellen called for better relations with China amid security concerns, while He referred to the difficulties caused by a Chinese spy balloon incident earlier this year. The two nations are currently at odds on various issues, but Yellen believes that a significant portion of U.S.-China trade can continue without controversy.
He Lifeng has a long history of close ties to Xi Jinping, dating back to the 1980s when Xi was deputy mayor of Xiamen and He served as the city’s finance director. He has since risen through the ranks and is now seen as a Xi Jinping protégé. His appointment as one of the four new vice premiers demonstrates his loyalty to Xi and his ability to carry out Xi’s directives without hesitation. In contrast, He’s predecessor, Liu He, was more internationally educated and supported market reforms, but his influence waned under Xi’s focus on state-led economic development.
The talks between Yellen and He took place in a grand conference room at the Diaoyutai State Guesthouse, which has historical significance in U.S.-China relations. Other new faces, such as the incoming central bank chief, Pan Gongsheng, were also present. The discussions aimed to establish a foundation for future economic cooperation between the two nations.
Overall, Yellen’s visit to China was a crucial step towards improving U.S.-China economic ties. Despite the differences in perspective and approach between Yellen and He, both expressed a desire for a stable relationship and the pursuit of healthy economic competition. The future of U.S.-China relations will require ongoing dialogue and efforts to find common ground in areas of mutual interest.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
