U.S. Treasury Secretary Janet Yellen landed in Beijing July 7 on a four-day journey geared toward discovering widespread floor for a mutually useful financial relationship between the world’s two largest economies.
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Treasury Secretary Janet Yellen landed in Beijing Thursday on a four-day journey geared toward discovering widespread floor as rivalry between the U.S. and China turns into more and more adversarial.
Yellen’s journey marks a deepening thaw in ties between the U.S. and China and comes weeks after Secretary of State Antony Blinken’s go to to Beijing in final month, which was the primary high-level assembly between the 2 international locations after months of tensions.
“The 2 sides are mainly speaking, looking for the strategic house for either side to function, and this shall be superb for the remainder of the world,” Andrew Sheng, a distinguished fellow on the College of Hong Kong’s Asia World Institute, advised CNBC Thursday.
Yellen’s journey comes simply days after China abruptly imposed export curbs on chipmaking metals and its compounds, escalating Beijing’s technological warfare with the U.S. and Europe.
Earlier than departing for China, Yellen had a “frank and productive dialogue” with Xie Feng, the Chinese language U.S. ambassador, in response to the U.S. Treasury.
“Whereas in Beijing, Secretary Yellen will talk about with [People’s Republic of China] officers the significance for our international locations — because the world’s two largest economies — to responsibly handle our relationship, talk straight about areas of concern, and work collectively to deal with world challenges,” the Treasury Division mentioned Sunday.
In an April speech, Yellen careworn the significance of equity within the U.S. financial competitors with China.
She outlined three financial priorities for the U.S.-China relationship: securing nationwide safety pursuits and defending human rights, fostering mutually useful progress and cooperating on world challenges like local weather change and debt misery.
A senior administration official advised reporters Sunday that Yellen’s go to will underscore these aims.
“We don’t search to decouple our economies,” the official mentioned. “A full cessation of commerce and funding can be destabilizing for each of our international locations and the worldwide financial system.”