U.S. Treasury Secretary Janet Yellen got here in Beijing on July 6, 2023, for her very first check out under the Biden administration.
Mark Schiefelbein|Afp|Getty Images
After a high stakes four-day journey to China, U.S. Treasury Secretary Janet Yellen stated she had a “constructive visit” and a “very substantive series of meetings” with Chinese authorities about the state of the worldwide economy, export controls and nationwide security.
Yellen’s journey becomes part of continuous efforts to support U.S.-China relations after months of intensifying stress. Her check out came simply weeks after Secretary of State Antony Blinken’s check out last month.
These efforts might eventually lead the way for a conference in between U.S. President Joe Biden and Chinese President Xi Jinping on the sidelines of the G-20 leaders’ top in New Delhi in September and the APEC leaders’ top in San Francisco inNovember Both leaders last satisfied in Bali in 2015.
“We have a new team on the economic side in Beijing, that it’s important to establish person-to-person relationships, and to open ongoing channels of communication, where concerns can be aired and discussed,” Yellen informed CBS’ “Face the Nation”Sunday “And I do think my trip has been successful in forging those relationships and creating the opportunity for a deeper set of more frequent contacts at our staff levels.”
Yellen’s job in Beijing was complex. She stated she raised a variety of issues, consisting of nationwide security and the intimidation some American business have actually been experiencing, however she likewise looked for Chinese cooperation on concerns varying from environment modification to financial obligation distress.
Yellen stated her function was to make certain the 2 countries do not take part in “unintended escalatory actions that will be harmful to our overall economic relationship with one another.”
For circumstances, simply days prior to Yellen’s check out, Beijing slapped export curbs on chipmaking metals and substances. China’s Ministry of Commerce declared it provided the U.S. and Europe advance notification. In October, the U.S. released sweeping guidelines focused on cutting off exports of crucial chips and semiconductor tools toChina
Yellen stated she revealed issue about the export controls and contrasted it with the U.S. choice. She described that the U.S.’ actions “are narrowly targeted to address national security concerns,” while it is unclear that the Chinese export controls were executed for that very same factor.
“We have had very little contact, both senior officials, and also just the American people and the Chinese people who’ve had very little contact with one another over the last several years, in part because of Covid,” Yellen stated. “And that’s a situation where misunderstandings can develop.”
Yellen stated China is likewise taking actions to deal with issues about a slowing economy, which there are chances for American services to benefit.
But nevertheless, she stated nationwide security stays a concern for the U.S.
“China has an enormous market. It’s a significant share of the global economy, and we want to make sure that American businesses and workers can profit from that, and contribute also to China’s success as well as our own,” Yellen stated. “But there are areas where national security really demands that the most advanced technologies with military applications, we need to withhold to protect our own national security. And we have acted and will continue to act to do that.”
— CNBC’s Clement Tan added to this report.
