US Treasury Secretary Janet Yellen speaks throughout a gathering with Chinese language Premier Li Qiang (not proven) on the Nice Corridor of the Folks in Beijing on July 7, 2023.
Mark Schiefelbein | Afp | Getty Photos
The US and China, the world’s two greatest economies, should compete pretty and talk intently to keep away from misunderstandings, U.S. Treasury Secretary Janet Yellen mentioned in Beijing on Saturday.
Yellen, persevering with her conferences with prime Chinese language officers, informed Vice Premier He Lifeng {that a} 2022 report in bilateral U.S.-Chinese language commerce — set regardless of latest tensions — confirmed there’s “ample room for our corporations to interact in commerce and funding.”
But it surely was important to maintain speaking about areas of frequent curiosity, in addition to disagreements, she mentioned in ready remarks.
Assembly her on the Diaoyutai state visitor home, the place overseas dignitaries are sometimes acquired in Beijing, He mentioned he stood able to work with Yellen.
“Amid an advanced world financial outlook, there’s a urgent want for the 2 largest economies to intently talk and alternate views on our responses to numerous challenges,” she mentioned.
Doing so may “assist each side extra absolutely perceive the worldwide financial outlook and make higher choices to strengthen our economies,” she mentioned.
Regardless of speak of U.S.-China financial decoupling, latest knowledge present a commerce relationship that’s basically strong, with two-way commerce hitting a report $690 billion final 12 months.
Yellen repeated her mantra that Washington shouldn’t be looking for a winner-take-all strategy or financial benefit in its relations with China, however needed to make sure a wholesome competitors with a “truthful algorithm” that might profit each nations over time.
The US would proceed to speak instantly its considerations about particular financial practices, and would take focused actions to guard its nationwide safety, Yellen mentioned.
She urged China to not permit any disagreements to “result in misunderstandings, notably these stemming from a scarcity of communication, which might unnecessarily worsen our bilateral financial and monetary relationship.”
