11-7-2023 (WASHINGTON) In an interview aired on Monday, US Treasury Secretary Janet Yellen stated that both Washington and Beijing have a shared objective of stabilizing the US-China relationship and addressing challenges constructively. Yellen’s remarks came following her four-day visit to Beijing, where she met with China’s new economic leadership team.
Yellen expressed her belief that there is a mutual desire on both sides to stabilize the relationship and engage in constructive dialogue to address the issues faced by the world’s two largest economies. She emphasized the importance of frankness, respect, and candor in building a productive relationship moving forward.
Describing her trip as successful, Yellen acknowledged that the United States and China have experienced a growing rift and faced misunderstandings. To establish a foundation for better relations and eventual improvement, she stressed the need for open discussions that promote respect and candid communication.
Yellen expressed satisfaction with her meetings, which included officials such as Premier Li Qiang, Vice Premier He Lifeng, Finance Minister Liu Kun, and Pan Gongsheng, whom US officials identified as the head of China’s central bank. While the visit did not yield specific breakthroughs, both countries have agreed to continue exchanges.
Yellen affirmed that the United States is open to hearing Chinese concerns. When asked about reciprocity, she stated that they expect to engage in more frequent communications at various levels to address concerns and explore opportunities for dialogue.
Regarding trade restrictions, which have been a significant source of disagreement, Yellen assured journalists that any new measures would be implemented transparently and narrowly, targeting sectors where specific national security concerns exist. She sought to allay fears about broad-based impacts on the Chinese economy, emphasizing a desire to avoid such consequences.
A Treasury official, speaking anonymously, revealed that discussions took place on hypothetical scenarios regarding US restrictions on outbound investments. The official further highlighted that market access and China’s treatment of US firms were extensively discussed, and Washington is eager to engage in more high-level interactions.
