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The following transcript is an exclusive interview with Treasury Secretary Janet Yellen, set to air on “Face the Nation” on July 9, 2023. During her trip to Beijing, Secretary Yellen discusses the key economic and security issues between the United States and China.
MARGARET BRENNAN: Speaking to us from Beijing today is Treasury Secretary Janet Yellen. Your trip has been quite eventful, Madam Secretary. The Biden administration has emphasized that China’s President Xi Jinping aims to surpass the United States as the leading economy and military power. How do we navigate this potential clash between our nations?
TREASURY SECRETARY JANET YELLEN: I had the opportunity to attend the meeting between President Xi and President Biden in Bali, where both leaders expressed their belief that both countries can thrive, cooperate on global challenges, and maintain a robust economic relationship. The goal of my trip was to establish ongoing communication with the new economic team in China and have open discussions about our differences and shared goals. It is crucial to stabilize our relationship to achieve these outcomes.
MARGARET BRENNAN: I see. During your meeting with the Chinese Vice Premier, he acknowledged the issue of the Chinese spy balloon, which he referred to as an airship. Can we assume tensions have been alleviated?
TREASURY SECRETARY YELLEN: My visit was highly constructive. I received a warm welcome and engaged in extensive discussions with Premier Li, Vice Premier He, the People’s Bank of China, and Finance Minister Liu. We delved into topics such as the global economy, our respective national economies, and financial markets. We also addressed concerns from both sides, which we agreed to address over time.
MARGARET BRENNAN: Understood. The U.S. Ambassador to China reported instances of intimidation by Chinese authorities towards American companies, citing a recently implemented espionage law. Did you receive assurances that American firms will be protected?
TREASURY SECRETARY YELLEN: This concern was indeed raised in my discussions. I had the chance to meet with American businesses operating in China and understand their worries. We aim to continue conversations and find remedies to ensure a healthy economic relationship that benefits both American businesses and workers, as well as China’s economy.
MARGARET BRENNAN: The Biden administration has implemented certain measures impacting trade and the economy, specifically restrictions on high-end technology sales. There are talks of further limitations related to computer chips used in artificial intelligence and cloud computing. Can we anticipate China’s response?
TREASURY SECRETARY YELLEN: The objective of my trip was to emphasize that national security is a priority, even at the expense of economic interests. However, we plan to implement these actions transparently and in a targeted manner. It’s important to note that China also protects its own national security through export controls and other measures. President Biden is considering narrow controls on outbound investment in specific high-tech areas, but such measures are not intended to significantly impact the overall investment climate between our countries.
MARGARET BRENNAN: You referred to the delayed executive order limiting American companies’ investments in China. Is it still under consideration? Have discussions prompted any changes?
TREASURY SECRETARY YELLEN: The executive order is currently being discussed within the administration, and its timing is uncertain. In my meetings, I aimed to explain the potential nature of the order, stressing that it would be transparent and targeted.
MARGARET BRENNAN: Is there a possibility that the executive order will not be issued at all?
TREASURY SECRETARY YELLEN: A final decision has not been made. As previously stated, we are examining this matter closely.
MARGARET BRENNAN: Recently, China blocked the export of critical minerals essential for computer chips. Do you believe this is a warning or a retaliatory action?
TREASURY SECRETARY YELLEN: I expressed concern about this action during my visit. Our own actions are focused on addressing national security concerns, and it is unclear whether China’s actions are similarly targeted. Avoiding unintended escalations is paramount, as our economic relationship has been limited in recent years, creating potential misunderstandings. Establishing personal relationships and open channels of communication is vital to ensure a deeper and more frequent dialogue between our two nations.
MARGARET BRENNAN: It is indeed a complex relationship. Protecting national security while not hindering business opportunities is a delicate balance. How do we achieve this?
TREASURY SECRETARY YELLEN: There are numerous opportunities for American businesses to thrive in China’s vast market. We must ensure American businesses and workers can benefit from these opportunities while contributing to the success of both nations. National security demands caution in advanced technologies with military applications, which may need to be withheld. However, we must strike a balance and approach this issue transparently and prudently to maintain a positive economic relationship.
[End of transcript]
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