Yellen expressed optimism about relations with China after a trip to Beijing
US Treasury Secretary Janet Yellen said she was optimistic after her visit to China aimed at easing tensions between the world’s two biggest powers.
Janet Yellen.
AFP
Relations between the United States and China now have “very solid foundations,” U.S. Treasury Secretary Janet Yellen said Sunday, after a four-day visit to Beijing, optimistic about easing tensions between the world’s two superpowers.
Janet Yellen arrived in the Chinese capital on Thursday, welcomed by several senior government officials, including Premier Li Keqiang, and continued to plead for more exchanges and cooperation despite differences.
“Overall, my bilateral meetings – about 10 hours over two days – were a step forward in our efforts to put the US-China relationship on a more solid foundation,” he announced during a press conference at the US Embassy on Sunday. .
Ensure strong relationships
The visit, Janet Yellen’s first since taking office in 2021, comes just weeks after Secretary of State Anthony Blinken’s and signals the Biden administration’s desire to cement tighter bilateral ties. “Both countries have an obligation to manage this relationship responsibly: to find a way to live together and share global prosperity,” the Treasury secretary said, stressing the “crucial” importance of high-level contacts. “We believe the world is big enough for both our countries to prosper.”
Although no major progress was reported, a meeting between Janet Yellen and Vice Premier He Lifeng on Saturday resulted in an agreement to “strengthen communication and cooperation to address global challenges,” the official Xinhua news agency stressed.
“Significant Disagreements”
The US Treasury secretary acknowledged on Sunday that there were “significant differences” between the two countries, but he assured that the discussions in Beijing were “direct, substantive and productive”. The main sticking point is in semiconductors, where restrictions have been imposed in recent months to cut off US technology supplies, including chips from Chinese companies.
China, which wants autonomy in the region, believes these measures are aimed at hindering its development and perpetuating US hegemony. The US will continue to take “targeted measures” to protect its national security, Yellen warned. But it should be noted that “these actions are motivated by simple national security considerations. We are not using them for economic gain.
He expressed Washington’s “serious concerns” about Beijing’s “unfair trade practices”. These include barriers to foreign companies entering the Chinese market and issues related to intellectual property protection. “I have also raised concerns about the recent surge in enforcement actions against US companies,” he said, citing raids and investigations targeting audit firms in China in recent months.
“Enthusiasm”
If Janet Yellen has already expressed her confidence, “any concrete progress and any major decision will be left to the two main leaders,” Xi Jinping and Joe Biden, assesses Yun Sun, director of the China Program at the Stimson Center. . But he points out that “the two parties have not had this level of communication and consultation for years.” Last month, Joe Biden said he was optimistic about an upcoming meeting with his Chinese counterpart.
For Lindsay Gorman of the German Marshall Fund, a US think tank, “the main purpose of this trip is really to send a message” to “America’s allies and partners, regionally and globally”. During her visit, Janet Yellen argued that “healthy economic competition, not the law of the strong, would benefit both countries with fair terms.”
In general, China’s approach to the US Treasury secretary seems “more enthusiastic” than Blinken’s visit, noted Wu Xinbo, director of the Center for American Studies at Fudan University. “Ms. Yellen is considered an expert in the eyes of the Chinese, and her approach to economic and trade relations between China and the United States is relatively rational,” he added, adding that she opposes the disconnect between the two economies.
However, MIT’s Taylor Fravel (Massachusetts Institute of Technology) calls for a tempering of optimism: “I don’t think a visit or contact alone can achieve the goal of cementing relationships.” But it shows a desire for continued economic cooperation between Washington and Beijing, “despite political friction in the relationship and competitive measures that limit China’s access to certain technologies, such as semiconductors.”
AFP
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