16-7-2023 (WASHINGTON) U.S. Treasury Secretary Janet Yellen said Sunday she is keen to cooperate with China on issues of mutual interest including debt relief for poorer nations. However, she emphasized more work is needed to build stable ties between the world’s two largest economies.
Yellen stated during a press conference ahead of a G20 finance meeting in India that her recent visit to Beijing helped restore dialogue but the full U.S.-China relationship remains complex. She highlighted key priorities including supporting Ukraine, combatting Russian sanctions evasion, and debt relief for developing countries.
On Ukraine, Yellen stressed Washington will continue limiting Russia’s access to military equipment and technology needed for its invasion. Regarding debt relief, she wants China and other creditors to finalize debt restructurings quickly for nations like Sri Lanka and Ghana so the IMF can approve aid programs this fall.
Yellen also outlined reforms needed at the World Bank and other multilateral development banks to better tackle issues like climate change and pandemics. However, she said capital increases can only be considered after implementing institutional changes.
On the global tax deal, Yellen reaffirmed U.S. commitment despite lack of congressional action. She said negotiations on taxing large multinationals under Pillar One of the deal are “very close” to finalization.
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