Yellen sees ‘progress’ in rocky U.S.-China ties, expects extra communication By Reuters


© Reuters. U.S. Treasury Secretary Janet Yellen speaks throughout a press convention on the U.S. embassy in Beijing, China, July 9, 2023. REUTERS/Thomas Peter

By Andrea Shalal

BEIJING (Reuters) -U.S. Treasury Secretary Janet Yellen mentioned 10 hours of bilateral conferences with senior Chinese language officers in current days had been “direct” and “productive” and helped stabilise the customarily rocky relationship as her four-day Beijing journey ended.

Yellen, who departs Beijing on Sunday, instructed a press convention the US and China remained at odds on quite a lot of points however she expressed confidence that her go to had superior U.S. efforts to “put the U.S.-China relationship on surer footing.”

“The U.S. and China have vital disagreements,” Yellen instructed reporters on the U.S. embassy in Beijing, citing Washington’s issues about what she referred to as “unfair financial practices” and up to date punitive actions in opposition to U.S. corporations.

“However President (Joe) Biden and I don’t see the connection between the U.S. and China by way of the body of nice energy battle. We consider that the world is large enough for each of our international locations to thrive.”

Yellen’s go to is Washington’s newest try and restore ties between the world’s two largest economies, battered over points from Taiwan to know-how which have drawn their allies into their rivalry, having an impression on firms and commerce ties.

Secretary of State Antony Blinken visited Beijing final month, the primary go to by the highest U.S. diplomat of the Biden presidency, whereas local weather envoy John Kerry is predicted to go to China this month.

The U.S. diplomatic push comes forward of a potential assembly between President Biden and Xi as quickly as September’s Group of 20 summit in New Delhi or the Asia-Pacific Financial Cooperation gathering scheduled for November in San Francisco.

Yellen mentioned the target of her go to was to determine and deepen ties to China’s new financial staff, cut back the chance of bewilderment and pave the way in which for cooperation in areas akin to local weather change and debt misery.

“I do assume we have made some progress and I believe we will have a wholesome financial relationship that advantages each of us and the world,” she mentioned, including that she anticipated elevated and extra common communications on the employees stage.

She mentioned Chinese language officers raised issues about an anticipated govt order proscribing outbound funding, however she assured them that any such measure could be slender in scope and could be enacted in a clear approach, by way of a rule-making course of that might permit public enter.

Yellen mentioned she instructed Chinese language officers they might elevate issues about U.S. actions, in order that Washington may clarify, and “probably in some conditions, reply to unintended penalties of our actions if they are not fastidiously focused.”


She reiterated that Washington was not searching for to decouple from China’s economic system, as doing so could be “disastrous for each international locations and destabilising for the world.”

However she mentioned the US wished to see an “open, free and honest economic system,” not one which forces international locations to take sides.

Requested about plans by the so-called BRICS international locations – Brazil, India, Russia and China – to unveil a brand new forex, Yellen mentioned she anticipated the greenback to stay the dominant forex in worldwide transactions.

“All the information of which I am conscious reveals that the greenback is overwhelmingly – near 90% – utilized in worldwide transactions, and I do not assume that there’s an alternate that might probably displace that within the foreseeable future.”

Yellen met with senior Chinese language officers throughout her go to, together with Premier Li Qiang, in addition to U.S. firms doing enterprise in China, local weather finance specialists and ladies economists.

In her conferences, she urged extra cooperation between the perimeters on financial and local weather points whereas criticising what she referred to as “punitive actions” in opposition to U.S. firms in China.

On Sunday, she reiterated she had raised “severe issues” about what she referred to as China’s “unfair financial practices” and a current uptick in coercive actions in opposition to U.S. corporations.

“Wholesome financial competitors is just sustainable if it advantages each side,” she mentioned.

Yellen additionally mentioned Russia’s warfare in Ukraine along with her Chinese language interlocutors, and mentioned it was “important” that Chinese language corporations keep away from offering Russia with materials help for the warfare, or in evading sanctions.

Each side have downplayed expectations for breakthroughs in the course of the talks whereas hailing the chance for face-to-face diplomacy.

“Nobody go to will resolve our challenges in a single day. However I anticipate that this journey will assist construct a resilient and productive channel of communication,” Yellen mentioned.


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