Stay informed with free updates on US-China relations.
Subscribe to our myFT Daily Digest email to receive daily news about US-China relations.
Janet Yellen, the US Treasury secretary, will embark on a visit to China this week, marking the second trip of a Biden cabinet official to Beijing in efforts to stabilize the strained relationship between the two countries.
Yellen is scheduled to spend four days in Beijing, holding meetings with top Chinese officials and US business leaders. However, a senior Treasury official has cautioned that this trip is unlikely to yield any substantial breakthroughs, and a meeting with President Xi Jinping is not anticipated.
This visit follows Secretary of State Antony Blinken’s recent trip to China, which aimed to mend the relationship that has hit its lowest point since the establishment of diplomatic ties in 1979.
The visits by Yellen and Blinken build upon an agreement made between President Joe Biden and Xi in Bali last November. However, this agreement was derailed when a suspected Chinese spy balloon flew over the US earlier this year.
An official stated that the purpose of Yellen’s trip is to enhance communication and stabilize the relationship between the two countries, while avoiding miscommunication and expanding collaboration where possible.
The official further noted that Yellen intends to discuss the three primary aspects of the US-China economic relationship, as outlined in her speech in April.
In her speech, Yellen emphasized the importance of securing national security interests, including human rights. However, she clarified that the US does not seek to gain a competitive economic advantage through security tools.
Yellen also expressed the desire for a healthy economic relationship with China, while highlighting the US’s commitment to responding to unfair economic practices. She stressed the need for cooperation on global challenges, such as debt relief and climate issues.
Evan Medeiros, a former White House official and China expert, described Yellen’s visit as the next step in an uncertain process. He expressed skepticism about how much progress can be made in the complex game of great power competition, given the militarized nature of the relationship and conflicting world views.
The US and China continue to have disagreements on various issues. Washington has concerns ranging from Chinese military activities near Taiwan to laws related to anti-espionage and counter-sanctions that complicate US businesses’ operations in China. Beijing, on the other hand, accuses the US of interference in Taiwan, over which it claims sovereignty, and implementing restrictive export controls for advanced chips.
Regarding the recent anti-espionage law and foreign relations law, the official stated that Yellen would raise the issue during her visit. There are concerns about the potential implications for all foreign firms, particularly US firms.
The US official mentioned that Yellen might address the situation involving Micron, the Idaho-based memory-chip maker. In May, Beijing banned Micron from supplying critical Chinese infrastructure operators, which was seen as retaliation for US export controls targeting Chinese companies.
In her April speech, Yellen reiterated that the US is not pursuing a policy of “decoupling” from China. This sentiment was also echoed by National Security Advisor Jake Sullivan, who described the US approach as “de-risking”. The phrase was coined by European Commission President Ursula von der Leyen.
At a World Economic Forum event in Tianjin this week, Chinese Premier Li Qiang criticized the rhetoric from the US and its allies regarding de-risking, accusing them of politicizing economic issues.
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.
