Global Courant
US Treasury Secretary Janet Yellen has kicked off her four-day visit to Beijing, calling on the world’s second-largest economy to make market reforms.
She warned that the US and its allies would fight back against what she called China’s “unfair economic practices”.
Yellen made these comments during a meeting with American companies operating in China. In advance, she met with the former head of the Chinese economy, Liu He, who is close to the Chinese president, Xi Jinping. The American official is also scheduled to meet with Prime Minister Li Qiang.
Yellen’s visit is part of a series of visits aimed at easing tensions between Washington and Beijing after the US military shot down a Chinese balloon flying over the US.
Last month, US Secretary of State Antony Blinken visited China, who agreed with Chinese President Xi that mutual rivalry should not lead to conflict. Also, later this month Beijing is expected to be visited by Washington’s climate envoy, John Kerry.
The US diplomatic efforts come ahead of a possible meeting between President Joe Biden and Xi in September during the G20 meeting in New Delhi. The two presidents may also meet during the Asia-Pacific Economic Cooperation meeting scheduled for November in San Francisco.
Yellen said her visit to China is aimed at deepening communication and working towards “a stable and constructive relationship” between the two countries, as she made it clear that Washington will act to protect its national interests and human rights.
“We believe it is in the best interest of both countries to have clear and direct channels of communication at the highest level,” Yellen said.
She added that regular exchanges could help both countries monitor economic and financial risks at a time when the global economy is facing events “like Russia’s war against Ukraine and the long-term effects of the pandemic.”
The Treasury secretary said she will make it clear to Chinese officials that Washington is not seeking to “divide our economies” but will raise concerns about heavy subsidies to state-owned enterprises, barriers to foreign firms’ access to the Chinese market and about some punitive measures that China has recently imposed on American companies.
During Yellen’s stay in China, Chinese officials are expected to express their concerns about the Biden administration’s plans to limit investment by American companies in China, at a time when China’s economy is recovering more slowly than expected after the lifting of restrictions for the COVID-19. 19. /REL
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