Janet Yellen, the U.S. Treasury Secretary, is meeting with Chinese Vice Premier He Lifeng in San Francisco in an effort to maintain open lines of communication on topics ranging from national security to climate change, and to limit the economic fallout from a tense relationship. The meetings are not expected to yield any significant breakthroughs, with U.S. President Joe Biden set to host a summit of Asia Pacific Economic Cooperation country leaders, including Chinese President Xi Jinping next week.
Yellen is emphasizing the need for a healthy competition between the U.S. and China, rather than a decoupling, and is seeking to secure a meeting between the two leaders. These San Francisco meetings are part of a series of engagements designed to deepen communication and understanding between the two nations, and to avoid any misunderstandings about U.S. policy decisions.
Despite the efforts, a former White House trade adviser believes that the U.S.-China relationship remains fundamentally fractured. Yellen herself has acknowledged the challenges, but has also highlighted areas for potential cooperation, such as climate change and debt relief for poor countries.
She also plans to raise U.S. objections with her counterpart about Beijing’s unfair economic practices, including state subsidies and barriers to market access. The outcome of these discussions remains uncertain.
(Reporting by David Lawder; Editing by Angus MacSwan)
