Amanda Andrade-Rhoades/AP/FILEĤ things making it harder for Janet Yellen to repair the US-China relationship Treasury Secretary Janet Yellen testifies before the House Financial Services Committee during a hearing regarding the state of the international financial system at the Capitol in Washington, Tuesday, June 13, 2023. Both nations have an obligation to responsibly manage this relationship: to find a way to live together and share in global prosperity,” she said. “We believe that the world is big enough for both of our countries to thrive. Yellen said the US and China have “significant disagreements” that need to be communicated “clearly and directly,” but noted that the Biden administration does not see US-China relations “through the frame of great power conflict.” “The Chinese side has expressed concerns about US sanctions and restrictive measures against China.” “China believes that generalizing national security is not conducive to normal economic and trade exchanges,” it said.
She said the United States would continue to take “targeted actions” to protect its own national security interests and those of its allies, while making sure these actions are “transparent, narrowly scoped and targeted to clear objectives.”įollowing Yellen’s meeting with China’s Vice Premier He Lifeng Saturday, a report from the official Xinhua news agency appeared to suggest the Chinese side took issue with this approach. “There is an important distinction between decoupling, on the one hand, and on the other hand, diversifying critical supply chains or taking targeted national security actions,” she said. In recent months, while pushing to resume high-level diplomatic talks, the US has imposed sanctions on Chinese companies, successfully pushed allies in Japan and the Netherlands to restrict sales of advanced semiconductors to China and rallied other advanced economies to counter Beijing’s “economic coercion.”īut Yellen reiterated that the United States is not seeking to decouple from China, which she said would be “disastrous for both countries and destabilizing for the world” and “virtually impossible to undertake.” Yellen speaks to reporters at the US embassy in Beijing on Sunday at the conclusion of her trip. Yellen’s trip marked the second visit by a US cabinet official to the Chinese capital in a matter of weeks as Washington seeks to steer relations with Beijing back on course after months of inflamed tensions. “Broadly speaking, I believe that my bilateral meetings - which totaled about 10 hours over two days - served as a step forward in our effort to put the US-China relationship on surer footing.”Ĭhina’s Deputy Finance Minister Liao Min said in a statement Sunday the two sides held “long and candid” meetings and would “maintain communication” in the future.
But I expect that this trip will help build a resilient and productive channel of communication,” Yellen told a news conference in Beijing. “No one visit will solve our challenges overnight. Yellen said she had “direct, substantive, and productive” talks with China’s new economic leadership, including Premier Li Qiang and Pan Gongsheng, the newly appointed Communist Party chief of China’s central bank. The world is big enough for both the United States and China to thrive, US Treasury Secretary Janet Yellen said Sunday as she wrapped up a visit to Beijing aimed at stabilizing the relationship between the world’s two largest economies.
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