Treasury Secretary Janet Yellen kicked off her trip to Beijing by criticizing the treatment of U.S. companies by China. She highlighted the challenges faced by these companies while operating in China, according to a report by The New York Times.
During a meeting with top executives from leading U.S. businesses, Yellen criticized the Chinese government’s treatment of companies with foreign connections and their recent export control measures on materials used for semiconductor chips.
Speaking at an event hosted by the American Chamber of Commerce in China, Yellen mentioned that she is conveying the concerns expressed by U.S. business leaders to her Chinese counterparts. She particularly emphasized the creation of barriers for foreign companies to access the Chinese market.
“I have been greatly concerned by the punitive actions taken against U.S. firms in recent months,” Yellen stated.
Yellen’s visit comes as U.S. officials strive to ease the escalating tensions with China. Secretary of State Antony Blinken had a similar objective during his visit last month.
In recent months, there have been dangerous near-collisions between vessels and jets of the U.S. and China in the Taiwan Strait and South China Sea.
Last year, the Biden administration imposed technology restrictions on China, prompting China to increase scrutiny of U.S. companies in response.
The Times reported Yellen’s statement that the U.S. would be taking further action in response to the export controls imposed by China.
An official from the Chinese finance ministry expressed hope that the economic relations between the two countries would improve following Yellen’s meetings with Chinese officials. They emphasized that neither China nor the U.S. would benefit from disruptions to supply chains and a “decoupling” of economies.
The Times also reported that Yellen raised her concerns about Chinese policies during meetings with top Chinese officials, including Premier Li Qiang. She also had informal talks on the economic outlook with former Vice Premier Liu He and outgoing governor of the People’s Bank of China Yi Gang.
© 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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.
