- Yellen sees progress in US-China relations after Beijing trip
- Acknowledging disagreements: Yellen emphasizes need for communication
- Economic concerns and climate change on the agenda
Janet Yellen, the secretary of the United States Treasury, stated that her trip to Beijing signified a “step forward” in efforts to stabilize relations between the two countries.
Ms. Yellen spoke after a four-day excursion that included discussions on climate change.
She called the talks “direct, substantive, and fruitful” and that both parties learned new things about each other.
However, she acknowledged that there were “significant disagreements” between the United States and China.
“A single visit will not resolve our problems overnight,” she stated.
“However, this trip will help establish a robust and productive communication channel with China’s new economic team.”
In recent years, the US-China relationship has deteriorated. Human rights in Xinjiang and Hong Kong, territorial claims to Taiwan and the South China Sea, and Beijing’s growing dominance in a variety of industries are dividing the countries.
Vice Premier He Lifeng, who was among those who met with Ms. Yellen, expressed regret on Saturday that “unexpected incidents” – such as the dispute over a surveillance balloon – had strained relations between China and the United States.
Ms. Yellen emphasized the need for improved communication to address these issues, adding that US President Joe Biden did not view the US-China relationship through the lens of a great power conflict.
We believe the globe is large enough for both of our nations to prosper.
Concerning economic competition, Ms. Yellen stated that the United States desired a “dynamic and healthy global economy that is open, free, and fair, as opposed to one that is fragmented or forces countries to choose sides.”
She stated that any future restrictions on trade with China would be implemented “in a transparent manner” and would target industries where the United States had “specific national security concerns.
Earlier in her visit, Ms. Yellen criticized Beijing’s restrictions on U.S. companies, including the tightening of controls on exports of two essential materials for the production of computer processors.
This follows Washington’s year-long efforts to limit Chinese access to modern computer processors.
Ms. Yellen stated that the United States would respond to China’s “unfair economic practices”
In response, China’s finance ministry stated that “the nature of China-US economic and trade relations is mutually beneficial and win-win” and that a trade conflict has no winners.
Concerning climate change, Ms. Yellen urged Beijing to collaborate with the United States and support institutions such as the Green Climate Fund, which was established to assist developing nations in adapting to climate change and mitigating its effects.
The Treasury Secretary was the second senior official from the United States to visit Beijing within the past two months.
The highest-ranking US official to visit Beijing in five years was Secretary of State Antony Blinken in June.
After his mission, he echoed Ms. Yellen’s sentiments. Even though there were still significant issues between the two nations, he expressed hope that they would have “better communications, better engagement going forward.”
However, President Joe Biden referred to Mr. Xi as a “dictator” the following day, provoking indignation in Beijing.
Despite the political tensions, trade between the two nations increased for the third consecutive year in 2022.
Last year, China exported more than $536 billion (£422.3 billion) worth of goods to the United States. While it imported $154 billion worth of goods.
