It comes just weeks after Secretary of State Anthony Blinken called on the Biden administration to renew physical ties with Beijing after three years of near-total isolation from China due to the health crisis.
Janet Yellen, on her first trip to China since taking office in 2021, is scheduled to meet on Friday with Premier Li Keqiang, who is particularly responsible for her country’s economic problems. He also meets with his former vice-premier Liu He to discuss the economic situation in China and the United States.
A Treasury official warned on Thursday that the US did not expect specific progress during the visit, but hoped for constructive exchanges that would pave the way for more concrete discussions. “This trip is an opportunity to communicate and avoid communication errors or misunderstandings,” Janet Yellen argued on Thursday.
A technological war
The main sticking point is semiconductors, where restrictions have been imposed in recent months to cut off Chinese firms’ supply of US technologies, including chips. China, which seeks autonomy in the region, believes these measures are aimed at hindering its development and perpetuating US hegemony.
In what was widely seen as a retaliatory move, Beijing on Monday announced restrictions on exports of two rare metals, which are essential for semiconductors and of which it is a key producer.
Janet Yellen is also expected by representatives of American companies, many of whom are concerned about the business climate in the country after searches and investigations launched against some of them in recent months.
Respect for American employers
Ironically, since the lifting of health restrictions at the beginning of the year, many big American employers, such as Apple CEO Tim Cook or Microsoft founder Bill Gates, have visited China. The latter received the highest honor received by Chinese President Xi Jinping as co-chair of the Bill and Melinda Gates Philanthropic Foundation.
Elon Musk met with senior leaders before heading to Shanghai to visit the assembly floor of a massive factory opened by Tesla in 2019.
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