Yellen says she is ‘concerned’ about China’s new export controls in her first public speech in Beijing
US Secretary of the Treasury Janet Yellen (right) shakes hands with US Ambassador to China Nicholas Burns (left) as she arrives in Beijing on July 6, 2023, as Yang Yingming, Director of the Department of Customs International Economic System of the Ministry of Finance of China, looking for a son.
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BEIJING — United States Secretary of the Treasury Janet Yellen said on Friday that she was “concerned” about the export control measures China announced this week.
China’s Ministry of Commerce announced on Monday that starting August 1, companies in China that want to export the two metals used in semiconductor production will need a license.
“I am also concerned about the recently announced export controls by China on two important minerals used in technologies such as semiconductors,” Yellen said in a prepared statement. for a meeting with American businesses in Beijing.
“We’re still assessing the impact of these actions, but they remind us of the importance of building flexible and diverse supply chains.”
The Biden administration has announced measures to strengthen America’s technological capabilities and limit China’s access to advanced technology. These include sweeping export controls that went into effect in October and restrict the sales ability of American businesses some advanced computing semiconductors or manufacturing equipment related to China.
Yellen said that in meetings with the Chinese government, she “made it clear that the actions we take to protect our national security are designed to be narrowly targeted.”
“They are based on simple national security considerations and are not done to gain an economic advantage over China.”
Beijing has so far taken relatively little action. In May, China said the US chip maker Micron failed a security assessment and bans critical infrastructure operators from buying from the company.
And this week, China’s Ministry of Commerce announced an upcoming export ban on metals gallium and germanium. The ministry said on Thursday its new rules did not target a specific country.
Meanwhile, China has redoubled its efforts to attract foreign investment and attract businesses. The Commerce Department said on Wednesday it had met with 12 foreign pharmaceutical companies to understand their business challenges.
Yellen said Friday during a meeting with American businesses that she is “particularly concerned by the punitive actions that have been taken against American companies in recent months.”
Yellen’s first visit to China under the Biden administration comes after US Secretary of State Antony Blinken’s risky trip to Beijing last month. Blinken also meets with US businesses in China during his trip.
Yellen, a former head of the US Federal Reserve, often emphasizes the economic importance of the US-China relationship. Mainland China is the second largest holder of US Treasuries, after Japan.
She said on Friday that the United States “does not seek” to decouple its economy from China’s and that “healthy economic competition” benefits both sides, according to benchmarked remarks. her availability for businesses.
“In the economic field, having regular conversations with our Chinese partners can help us monitor economic and financial risks, and can help facilitate our business relationship,” she said. healthy economy between the two countries”.
