Yellen emphasizes rules, ‘fair’ communication in Beijing meetings

The United States and China, the world’s two largest economies, must compete fairly and communicate closely to avoid misunderstandings, US Treasury Secretary Janet Yellen said in Beijing on Saturday.

Yellen, continuing meetings with top Chinese officials, told Vice Premier He Lifeng that the 2022 record in US-China bilateral trade – set despite recent tensions – for sees “a lot of room for our companies to engage in trade and investment.”

However, it is important to continue to discuss areas of mutual interest, as well as points of disagreement, she said in prepared remarks.

Meeting her at the Diaoyutai State guesthouse, which often hosts foreign dignitaries in Beijing, He said he was willing to work with Yellen.

“Amid a complex global economic outlook, the two largest economies need to be in close communication and exchange views on how we respond to different challenges,” she said.

Doing so could “help both sides more fully understand the global economic outlook and make better decisions to strengthen our economy,” she said.

Despite talk of a US-China economic decoupling, recent data suggests the trade relationship is essentially solid, with two-way trade hitting a record $690 billion last year.

Yellen repeated her mantra that Washington is not looking for a winner-takes-all approach or economic advantage in relations with China, but wants to ensure healthy competition with a “fair set of rules.” benefit both countries over time.

Yellen said that the United States will continue to communicate its concerns directly about specific economic activities and will take targeted actions to protect its national security.

She urged China not to let any disagreement “lead to misunderstandings, especially those stemming from a lack of communication, which can worsen economic and financial relations.” our bilateral relationship unnecessarily.”