U.S. Treasury Secretary Janet Yellen is set to embark on a trip to China this week for discussions with senior Chinese officials, as announced by the Treasury Department on Sunday. Yellen’s visit comes as part of the Biden administration’s efforts to enhance communication and facilitate cooperation with the Chinese Communist Party (CCP) on matters concerning the global macroeconomy and financial developments.
Scheduled from July 6 to July 9, Yellen’s visit signifies the United States’ commitment to effectively manage its relationship with China, as well as engage in direct dialogues regarding areas of concern and collaborative approaches to global challenges. The Treasury Department stressed the need for both the world’s largest economies to responsibly handle their relationship and work together to address common issues.
This visit comes just weeks after State Secretary Antony Blinken’s trip to Beijing, where he met with Chinese Foreign Minister Qin Gang, top Chinese diplomat Wang Yi, and Chinese leader Xi Jinping. Blinken’s discussions were focused on stabilizing the tense relations between the two powers, resulting in a positive outcome with Xi expressing satisfaction with the progress made. However, Blinken highlighted that China was hesitant to resume military-level bilateral exchanges.
Although the specific Chinese officials Yellen will meet during her trip were not disclosed by the Treasury Department, it noted that her discussions would build upon her earlier remarks at the John Hopkins School of Advanced International Studies in April.
In her previous speech, Yellen conveyed the United States’ desire for a healthy relationship with China and stressed the importance of cooperation in addressing urgent global challenges, including climate change and debt distress. She accentuated the significance of fair economic competition, indicating that the United States would continue partnering with its allies to address China’s unfair economic practices.
Yellen made it clear that the United States has no intention of decoupling its economy from China’s, underscoring the potential disastrous consequences for both countries and the destabilizing effect on the rest of the world. She emphasized the interconnectedness of the Chinese and U.S. economies, highlighting the potential benefits for the United States in terms of increased demand for its products and services and the growth of its industries.
During a global economic forum in April, Yellen remarked on the current state of U.S.-China relations, describing it as a “tense moment.” She emphasized the need for a constructive approach to bolster economic ties with China, based on realistic assessments and productive engagement.
Yellen also pointed out the critical issues that need to be addressed, including intellectual property protection, market access, and technology transfer, which have been significant points of contention in U.S.-China trade negotiations. While acknowledging progress in these areas, Yellen emphasized the necessity of further work to ensure a mutually beneficial economic relationship that fosters global economic stability and prosperity.
In conclusion, Secretary Yellen’s forthcoming visit to China signifies the United States’ commitment to engage in open and direct communication with the Chinese Communist Party. By addressing areas of concern and promoting cooperation, both countries can work towards a fair and mutually beneficial economic relationship that supports global stability and prosperity.