US Treasury Secretary Engages in Productive Discussions with China’s Prime Minister
The US Treasury Department released a statement indicating that Secretary Yellen had “candid and constructive” talks with China’s Prime Minister. The discussions centered around the US administration’s goal of fostering healthy economic competition between the two countries, which would benefit both economies as well as American workers and businesses.
During the talks, Secretary Yellen emphasized the importance of close communication on global macroeconomic and financial matters. She also highlighted the need for collaboration in addressing global challenges, such as debt distress in low-income and emerging economies and climate finance.
China’s foreign ministry responded with a statement affirming the interconnectedness of US and Chinese economic interests. They viewed China’s development as an opportunity rather than a challenge for the United States. The foreign ministry noted that Secretary Yellen expressed the US’s lack of intention to hinder China’s modernization process and their avoidance of “decoupling and disconnection.”
Both sides underscored the importance of strengthening coordination and cooperation, working together to tackle global challenges and promote common development.
While the visit was described positively by both parties, no new plans for high-level meetings were announced.
White House press secretary Karine Jean Pierre commented on the visit, emphasizing the need for intense diplomacy in the face of intense competition between China and the United States. She highlighted the ongoing conversations between Secretary Yellen, Secretary of State Antony Blinken, and President Biden with their Chinese counterparts.
Secretary Yellen’s visit to China commenced with a call for market reforms in the country and a warning against what she referred to as China’s “unfair economic practices.” She stated that the United States and its allies would respond to such practices.
During a roundtable discussion with American businesses in Beijing, Secretary Yellen raised concerns about barriers to market access, China’s use of non-market tools, and recent punitive actions against US firms. She reiterated the US economic approach to China, which focuses on securing vital interests related to national security and human rights, pursuing fair economic competition based on international rules, and seeking cooperation on global challenges.
China’s foreign ministry expressed the need for open and pragmatic exchanges to find consensus on important bilateral economic issues. They highlighted the importance of stability and positive energy in Chinese-US economic relations.
Secretary Yellen arrived in Beijing with the goal of deepening communication on various issues, in line with President Biden’s directive.