US Treasury Secretary Janet Yellen speaks to journalists during a press conference July 9 during her four-day visit to Beijing. She said the “direct, substantive and productive” talks had put the relationship between the world’s two largest economies on a “solider pedestal”.
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US Treasury Secretary Janet Yellen said the 10-hour meetings with Chinese officials over two days were “direct, substantive and productive” and a step forward in helping to establish a relationship between the world’s two largest economies on a “stronger pedestal”.
Yellen’s Beijing trip took place at Washington is considering restricting US investment in China amid an escalating global battle for technological supremacy. She is the second member of US President Joe Biden’s cabinet to visit Beijing in recent weeks amid efforts to stabilize relations between the two powers.
“The US and China have significant disagreements. Those disagreements need to be communicated clearly and directly,” Yellen said in an interview. prepared comment. “But the president [Joe] Biden and I don’t see the US-China relationship in terms of great power conflict.”
“We believe the world is big enough for both of our nations to grow together. Both nations have an obligation to manage this relationship responsibly: to seek to live together and to share in prosperity. globally,” she added.
In the comments at a Press Conference At the end of a four-day visit to Beijing, Yellen said she had told her Chinese counterparts that any restrictions on US outbound investment would be “transparent” and “purposeful”. very narrow target”.
Otherwise, Chinese officials could raise their concerns, she added, and in some cases the US would deal with unintended consequences.
Broadly speaking, I believe my bilateral meetings – which lasted about 10 hours over two days – were a step forward in our efforts to put the US-China relationship on a more solid footing. ,” concluded Yellen.
Just days before Yellen’s visit, Beijing imposed export restrictions on chip manufacturing metal and its compounds — which the Ministry of Commerce of China statement given advance notice of the United States and Europe. October, the US released scan rule aim at cut exports Exports important semiconductor chips and tools to China.
Diversify, not separate
Yellen said she “has made it clear that the United States does not seek to separate from China,” during discussions with Chinese Premier Li Qiang, Vice Premier He Lifeng and other senior officials.
“There is an important distinction between decoupling and diversifying critical supply chains on the one hand or taking targeted national security actions,” she said.
“We know that decoupling the world’s two largest economies would be catastrophic for both countries and destabilize the world,” she added. “And it’s almost impossible to do.”
Chinese Vice Premier He said Saturday’s talks with Yellen were “constructive,” as announced by the Chinese government.
Noting that excessive national security tension is not conducive to normal economic and trade exchanges, the Chinese side expressed concern about the sanctions and restrictions imposed by the United States against the United States. with China,” the same statement said.
“The two sides agreed to strengthen communication and cooperation to address global challenges, while continuing to maintain exchanges and interactions,” the statement added.
difficult balance
Yellen’s mission in Beijing was a difficult one. While expressing concern about the “recent increase in coercive actions against US companies”, she also sought to seek China’s cooperation on issues ranging from debt difficulties in foreign countries. emerging markets and developing countries to climate change.
These are the principles she laid out in a speech in April in which she emphasized the importance of fairness in the US economic competition with China.
Then she outlined three economic priorities for the US-China relationship: ensuring national security interests and protecting human rights, promoting mutually beneficial growth, and cooperating on global challenges such as climate change and mounting debt.
“I believe that if China supports existing multilateral climate organizations such as the Green Climate Fund and the Climate Investment Fund along with us and other donor governments, we can have a greater impact. now,” Yellen speak ahead of a roundtable on climate finance on Friday in Beijing.
Yellen’s visit is part of ongoing efforts to stabilize US-China relations after months of escalating tensions. Her visit comes just weeks after Secretary of State Antony Blinken’s visit last month.
“My goal on this trip is to establish and deepen relationships with the new economic leadership group in Beijing. Our discussions are part of a broader coordinated effort to stabilize the relationship, reduce the risk of misunderstanding and discuss areas of cooperation,” Yellen said on Saturday.
These efforts could pave the way for a meeting between Biden and Chinese President Xi Jinping on the sidelines of the G20 leaders summit in New Delhi in September and the APEC leaders summit in San Francisco. Francisco in November. Both leaders last met in Bali last year.
“No visit can solve our challenges overnight,” Yellen said. “But I hope that this trip will help build a flexible and effective communication channel with China’s new economic group.”
