Global Courant
U.S. Treasury Secretary Janet Yellen speaks during a meeting with Chinese Premier Li Qiang (not pictured) at the Great Hall of the People in Beijing on July 7, 2023.
Mark Schiefelbein | Afp | Getty Images
The United States and China, the world’s two largest economies, must compete fairly and communicate closely to avoid misunderstandings, US Treasury Secretary Janet Yellen said in Beijing on Saturday.
Yellen, who continued her meetings with top Chinese officials, told Deputy Prime Minister He Lifeng that a 2022 record in US-China bilateral trade – set despite recent tensions – showed there is “plenty of room for our companies to trade and invest”.
But it was critical to keep talking about areas of common interest, as well as disagreements, she said in prepared remarks.
“Amid a complicated global economic outlook, there is an urgent need for the two largest economies to closely communicate and exchange views on our responses to various challenges,” she said.
This could “help both sides better understand the global economic outlook and make better decisions to strengthen our economies,” she said.
Despite rumors of economic decoupling between the US and China, recent data shows that the trade relationship is fundamentally solid, with two-way trade reaching a record $690 billion last year.
Yellen reiterated her mantra that Washington is not seeking a winner-take-all approach or economic advantage in its relations with China, but wanted to ensure healthy competition with a “fair set of rules” that both countries have developed over the course of the would benefit time.
The United States would continue to communicate directly concerns about specific economic practices and take targeted measures to protect its national security, Yellen said.
She urged China not to allow disagreements “to lead to misunderstandings, particularly those arising from a lack of communication, which could unnecessarily worsen our bilateral economic and financial relations.”
