US Has ‘No Desire To Decouple from China,’ Yellen Says
Treasury Secretary Janet Yellen Affirms U.S.-China Economic Relationship
In a bid to foster an open and productive dialogue, Treasury Secretary Janet Yellen expressed her desire to engage in an “open and substantive” discussion on the U.S.-China economic relationship during a meeting with Chinese vice premier He Lifeng. Yellen emphasized that the United States has no intention of severing ties with China, recognizing that a complete separation of the two economies would have dire consequences for both nations and the global economy.
Yellen, speaking at the outset of bilateral meetings in San Francisco ahead of the Asia-Pacific Economic Cooperation (APEC) summit, highlighted her efforts to establish an economic dialogue with Chinese counterparts in recent months. She expressed her hope to build upon this foundation and engage in meaningful discussions over the next two days.
Instead of seeking decoupling, Yellen emphasized the United States’ pursuit of a healthy and mutually beneficial economic relationship with China in the long run. She also raised concerns about Chinese policies that hinder fair competition.
This meeting marks Yellen’s second face-to-face encounter with He since her visit to Beijing in July. It is part of a series of high-level engagements that have paved the way for President Joe Biden and Chinese President Xi Jinping to meet on the sidelines of the upcoming APEC summit.
The Biden administration aims to mitigate the economic consequences of U.S.-China tensions and maintain open lines of communication on crucial issues through these meetings in San Francisco. However, U.S. Treasury officials have downplayed expectations for significant breakthroughs.
Yellen expressed her eagerness to discuss collaboration on global challenges, ranging from climate change to debt distress in low-income countries. She emphasized that both the U.S. and China have a responsibility to lead on these issues.
Furthermore, Yellen intends to address U.S. plans for continued national security restrictions on specific technology exports and U.S. investment in China. She emphasized the importance of clear communication to prevent misunderstandings or miscalculations and welcomed greater clarity on China’s perspectives and actions.
(Reporting by David Lawder; Editing by Paul Simao)
How can fair competition, transparency, and reciprocal economic policies be promoted between the two nations?
The importance of maintaining a mutually beneficial economic relationship.
During the meeting, Secretary Yellen acknowledged the complexities and challenges that exist in the U.S.-China economic relationship but emphasized the significance of maintaining open lines of communication. She stressed the need for both countries to work towards resolving existing trade disputes and finding common ground on key economic issues.
Yellen highlighted the importance of fair competition, transparency, and reciprocal economic policies between the two nations. She emphasized the need for a level playing field that promotes fair trade practices and protects the interests of American businesses and workers. Yellen expressed the United States’ commitment to addressing issues such as intellectual property theft and forced technology transfers, which have been longstanding concerns in the U.S.-China economic relationship.
The Treasury Secretary also discussed the importance of addressing environmental sustainability and climate change concerns within the economic framework. Yellen recognized the significance of cooperation between the two nations in tackling global challenges such as reducing carbon emissions and transitioning to clean energy sources. She reiterated the United States’ commitment to working with China and other countries to achieve these shared goals.
Furthermore, Secretary Yellen stressed the importance of protecting human rights in economic relations. She expressed concerns about the treatment of Uighur Muslims and other minority groups in China and urged the Chinese government to address these issues. Yellen emphasized that respect for human rights is an essential part of any productive and sustainable economic relationship.
The meeting between Secretary Yellen and Vice Premier He Lifeng signifies a renewed effort by the United States to engage in productive dialogue with China. It demonstrates the importance of finding common ground and working towards a more stable and constructive economic relationship. Despite the existing challenges and differences, both countries understand the mutual benefits of maintaining a strong economic partnership.
As Secretary Yellen reaffirms the United States’ commitment to the U.S.-China economic relationship, it is hoped that this dialogue will lead to a resolution of trade disputes and the establishment of a fair and balanced economic framework. Through open and substantive discussions, both nations can work towards addressing key concerns, promoting fair competition, protecting human rights, and achieving shared global objectives.
Overall, Secretary Yellen’s efforts to foster an open and productive dialogue with China demonstrate the importance of maintaining a constructive economic relationship. By addressing key issues and working towards solutions, the United States and China can create a foundation for long-term economic growth and stability.
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