US Treasury Secretary emphasizes the importance of fair rules and mutual benefits
US Treasury Secretary Janet Yellen, during her diplomatic visit to China, expressed the United States’ stance on fostering healthy economic competition with China. In a meeting with Chinese Prime Minister Li Qiang, Yellen emphasized the need for a fair set of rules that can benefit both countries over time. She said that the US was looking forward to establish Healthy Economic Competition, the one that is not a winner-take–it-all model but a one that involves a fair set of rules to benefit both countries over time.
During her visit, Yellen engaged in discussions with various Chinese officials, including former Vice Premier Liu He and outgoing Central Bank Governor Yi Gang, regarding the global economic outlook and the respective economic situations of the United States and China.
Yellen also addressed the importance of maintaining a strong bilateral economic and financial relationship between the two countries, while acknowledging the need for protecting national security interests. She urged both nations to avoid misunderstandings and not let disagreements negatively impact their economic ties.
Moreover, Yellen expressed concerns about recent Chinese export controls on metals used in semiconductor manufacturing. She highlighted the significance of building resilient and diversified supply chains and encouraged China to return to a more market-oriented economy.
The visit of Janet Yellen, following Secretary of State Antony Blinken’s trip, signifies efforts to stabilize the US-China relationship amid tensions over technological production, the Taiwan Strait, and Beijing’s Moscow ties. Both sides aim to engage in constructive dialogue and establish clear lines of communication to manage the relationship effectively.
Yellen’s visit also underscores the US’s commitment to diversification rather than decoupling from China, recognizing the interconnectedness of the world’s two largest economies and the potential destabilization that decoupling would cause.
While challenges persist in the US-China relationship, Yellen’s trip serves as an opportunity for open and productive conversations, promoting understanding and paving the way for future talks. The United States aims to protect its national security when necessary, but seeks to avoid miscommunication or misunderstanding by fostering dialogue and cooperation with China.
In Conclusion, Yellen’s visit emphasizes the importance of fair economic competition, cooperation, and effective communication between the United States and China, as both nations navigate their economic and trade relations in a mutually beneficial manner.
