Global Courant
US Treasury Secretary Janet Yellen (R) arrives at Beijing Capital International Airport in Beijing on July 6, 2023.
Pedro Pardo | AFP | Getty Images
Treasury Secretary Janet Yellen landed in Beijing on Thursday for a four-day trip to find common ground as the US-China rivalry grows increasingly hostile.
Yellen’s trip marks a deeper thaw in US-China ties and comes weeks after Secretary of State Antony Blinken’s visit to Beijing last month, the first high-level meeting between the two countries after months of tensions.
“The two sides are actually talking and trying to find the strategic space for both sides to operate, and this will be very good for the rest of the world,” said Andrew Sheng, a distinguished fellow at the Asia Global Institute of the University of Hong Kong. told CNBC Thursday.
Yellen’s trip comes just days after China abruptly imposed export restrictions on making metals and its compounds, escalating Beijing’s technology war with the US and Europe.
Before leaving for China, Yellen had a “candid and productive discussion” with Xie Feng, China’s US ambassador, according to the US Treasury Department.
“While in Beijing, Secretary Yellen will discuss with officials from (the People’s Republic of China) the importance of our countries – as the world’s two largest economies – to responsibly manage our relationship, communicate directly about problem areas and working together to tackle global challenges,” the Treasury Department said on Sunday.
In a speech in April, Yellen emphasized the importance of fairness in economic competition between the US and China.
She outlined three economic priorities for the US-China relationship: safeguarding national security interests and protecting human rights, promoting mutually beneficial growth, and working together on global challenges such as climate change and debt.
A senior government official told reporters on Sunday that Yellen’s visit will underscore these goals.
“We are not trying to disconnect our economies,” the official said. “A complete halt to trade and investment would be destabilizing for both our countries and the global economy.”
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