U.S. Treasury Secretary Janet Yellen concluded her four-day visit to Beijing, China, where she engaged in 10 hours of direct and productive meetings with senior Chinese officials. Yellen stated that although the United States and China still have significant disagreements, her visit has helped stabilize their relationship and laid the groundwork for future cooperation.
During a press conference at the U.S. embassy in Beijing, Yellen acknowledged the U.S. concerns about unfair economic practices and punitive actions against American firms. However, she emphasized that President Joe Biden and herself view the U.S.-China relationship as an opportunity for both countries to thrive, rather than a source of conflict.
The visit follows Secretary of State Antony Blinken’s trip to Beijing last month and is part of the U.S. diplomatic effort to repair relations with China. Yellen’s goal was to establish and deepen ties with China’s new economic team, promote understanding, and foster cooperation in areas such as climate change and debt distress.
Yellen expressed optimism about the progress made during her visit and the potential for a healthy economic relationship that benefits both countries and the world. She highlighted the importance of increased and regular communication at the staff level.
While the visit did not result in specific policy breakthroughs, it was successful in terms of re-establishing contact and building relationships, according to a senior Treasury official. Yellen assured Chinese officials that any potential measures, such as an executive order restricting outbound investment, would be narrowly focused and transparent, with opportunities for public input.
Yellen emphasized that decoupling from China’s economy would be disastrous for both countries and destabilizing for the world. She called for China to adopt market reforms and underscored the U.S.’s commitment to maintaining the dollar as the dominant currency in international transactions.
Regarding the conflict in Ukraine, Yellen stressed the importance of Chinese firms avoiding providing material support to Russia or evading sanctions.
Overall, Yellen’s visit to Beijing has contributed to stabilizing U.S.-China relations and forging a path towards cooperation on economic and climate issues. As the world’s two largest economies, it is crucial for the United States and China to find common ground and work towards shared goals.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.