U.S. Secretary of the Treasury Janet Yellen affirms prior to the Senate Appropriations Subcommittee on Financial Services March 22, 2023 in Washington, DC.
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Treasury Secretary Janet Yellen will take a trip to Beijing today to meet senior Chinese authorities.
The Treasury stated Yellen is anticipated to talk about a variety of macroeconomic and monetary concerns, along with how the U.S. and China can “responsibly manage our relationship, communicate directly about areas of concern, and work together to address global challenges.”
A senior administration authorities informed press reporters that the journey is meant to “to deepen and increase the frequency of communication between our countries moving forward and to stabilize the relationship, avoid miscommunication, and expand collaboration where we can.”
The main kept in mind, nevertheless, that the Biden administration does not anticipate considerable developments throughout Yellen’s journey. Treasury stated it would supply more information on her journey at a later date.
Chinese state broadcaster CCTV validated Yellen will be checking out from July 6-9.
In an April speech, Yellen laid out 3 financial top priorities for the U.S.-China relationship: protecting nationwide security interests, cultivating equally advantageous development and complying on worldwide obstacles like environment modification and financial obligation distress.
The senior administration authorities informed press reporters that Yellen’s see will highlight these goals.
Still, Yellen had actually stressed in April that the U.S. will not be reluctant to “defend our vital interests.” She kept in mind, nevertheless, that these procedures are “motivated solely by our concerns about our security and values” and not meant to “gain competitive economic advantage.”
The senior administration authorities repeated that position on Sunday, stating “We do not seek to decouple our economies, a full cessation of trade and investment would be destabilizing for both of our countries and the global economy.”
Yellen’s journey comes simply weeks after Secretary of State Antony Blinken consulted with China’s President Xi Jinping inBeijing During his conference, Blinken highlighted the value of the financial relationship in between the 2 countries. He kept in mind the development of significant economies like China remains in the U.S. interest, however “it’s not in our interest to supply innovation to China that might be utilized versus us.
— CNBC’s Evelyn Cheng added to this report.