3-6-2023 (WASHINGTON) U.S. Treasury Undersecretary Jay Shambaugh held a meeting on Friday with Xie Feng, China’s newly appointed ambassador to the United States. The purpose of the discussion was to foster open lines of communication between the world’s two largest economies, according to a statement from the Treasury.
Describing the meeting as “candid” and “constructive,” the Treasury emphasized the ongoing efforts to maintain communication and responsibly manage the bilateral relationship between the United States and China.
During the meeting, Shambaugh, who leads international affairs at the Treasury, raised U.S. concerns with Ambassador Xie. However, he also highlighted the significance of close communication between the two largest economies on global macroeconomic and financial issues, as well as collaboration on global challenges.
While there has been increased bilateral engagement on economic matters in recent times, tensions persist in security-related areas. This was evident when China’s defense minister declined a meeting with U.S. Defense Secretary Lloyd Austin at a security summit in Singapore.
Last week, U.S. Trade Representative Katherine Tai and Commerce Secretary Gina Raimondo held separate discussions with Chinese Commerce Minister Wang Wentao. During these exchanges, both sides expressed objections regarding each other’s trade, investment, and export policies.
U.S. Treasury Secretary Janet Yellen has expressed her hopes of visiting China this year to meet with her counterpart, Vice Premier He Lifeng.
In April, Yellen delivered a comprehensive speech outlining the Biden administration’s objectives for a “constructive and fair” economic relationship with Beijing. She emphasized the need to “cut through the noise” and responsibly manage the relationship between the two countries.
The meeting between Undersecretary Shambaugh and Ambassador Xie reflects the ongoing efforts to maintain dialogue and manage the complex dynamics between the United States and China.
