11-11-2023 (SAN FRANCISCO) US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng have agreed to enhance communication on economic matters, but Yellen has issued a warning regarding Chinese companies providing support to Russia in its war with Ukraine.
Following two days of meetings in San Francisco, Yellen stated that the discussions between the two were “candid, direct, and productive.” The talks covered a range of issues, including US export controls, potential areas of cooperation such as climate change, and debt relief for low-income nations. The meeting took place ahead of the Asia-Pacific Economic Cooperation (APEC) gathering, scheduled from November 15 to November 17, where US President Joe Biden and Chinese President Xi Jinping are set to meet.
Yellen disclosed that she accepted He’s invitation to visit China next year, aiming to establish regular contact between the economic leaders. The US Treasury Secretary emphasized that while the US does not seek to disconnect its economy from China, it desires a fair playing field for American companies and workers.
Yellen highlighted the importance of in-depth and honest discussions, especially in times of disagreement, given the current uncertain global landscape. She stressed the need to maintain resilient lines of communication between the US and China going forward.
Regarding Russia’s war in Ukraine, Yellen revealed that the Treasury has gathered evidence indicating the involvement of Chinese companies and banks in facilitating the flow of equipment, despite Western sanctions. She warned He that these firms would face severe consequences if they continued this support. However, no specific details about the companies involved or He’s response were provided.
The officials also touched upon the Israel-Hamas conflict, with Yellen emphasizing the necessity of preventing escalation and further expansion in the Middle East. The Treasury issued a statement underscoring the importance of communication with China to avoid misunderstandings and unintended escalation, enabling both countries to make informed policy decisions.
