Beijing, China (AFP) – US Treasury Secretary Janet Yellen said on Sunday that her talks with top Chinese officials had brought ties to a “certain level” as she sought to stabilize strained relations between the world’s two biggest economies. A journey has been completed with the aim of
During her four-day visit – which came just after US Secretary of State Antony Blinken’s visit – Yellen stressed the need for greater exchange and cooperation, even as deep divisions remain between the countries.
“We believe the world is big enough for both of our countries to develop,” he told reporters at the US embassy in Beijing on Sunday.
“Both countries have an obligation to manage this relationship responsibly: to find a way to live together and share in global prosperity,” he said.
His visit follows US President Joe Biden’s administration pushing for pro-American policies to stabilize ties with China.
Although the visit did not yield any specific breakthroughs, China’s official Xinhua news agency said late Saturday that Yellen’s meeting with Vice Premier He Lifeng agreed to “strengthen communication and cooperation to address global challenges.”
US Treasury Secretary Janet Yellen (L) shakes hands with Chinese Vice Premier He Lifeng during a meeting at the Diaoyutai State Guesthouse in Beijing, July 8, 2023. (Photo by Mark Schiefelbein / Pool / AFP)
The readout said both sides also agreed to continue exchanges.
And Yellen said on Sunday that although there are “significant disagreements” between the two countries, talks between her and Chinese officials were “direct, substantive and productive.”
“My bilateral meetings – which lasted nearly 10 hours over two days – were a step forward in our effort to strengthen the US-China relationship,” he said.
sources of stress
Topping the list of disagreements are Washington’s trade restrictions, which it says are aimed at reducing the second-largest economy’s access to advanced technology deemed vital to national security.
On Sunday, Yellen said she had emphasized that Washington’s measures “are not used by us to gain economic advantage.”
“These actions are directly motivated by national security considerations,” he said.
He also said he expressed his “serious concerns” over Beijing’s “unfair trade practices”.
US Treasury Secretary Janet Yellen (C) speaking during a lunch with women economists in Beijing on July 8, 2023. (Mark Schiefelbein / Pool / AFP)
He cited barriers to entry of foreign companies in the Chinese market as well as issues related to the protection of intellectual property.
“I also expressed my concern about the recent escalation of coercive actions against American companies,” he said, referring to the recent national security crackdown against American consulting firms in China.
‘Messaging’ a major target
Looking forward, “any concrete key breakthroughs and key deliverables will probably be reserved for the two top leaders to announce,” said Yun Sun, director of the China program at the Washington-based Stimson Center.
“There hasn’t been this level of communication and consultation between the two sides for many years,” he told AFP. He said that success would lie in starting or restarting this process.
Last month, Biden expressed confidence of meeting Chinese leader Xi Jinping soon.
Lindsay Gorman, senior fellow at the German Marshall Fund for the United States, said: “I think the under-appreciated audience is actually US allies and partners in the region and globally.”
“The main goal of this trip is really to send a message,” he told AFP.
US Treasury Secretary Janet Yellen speaks during a press conference at the Beijing American Center of the US Embassy in Beijing on July 9, 2023. (Photo by Pedro Pardo / AFP)
Among the objectives are to communicate how Washington views its economic relationship with China, and to dispel the notion that it may pursue “pure zero-sum competition” – while also indicating that it Targets a fair playing field.
Overall, China’s attitude toward Yellen’s visit appears to be “more upbeat” than Blinken’s visit, said Wu Xinbo, director of the Center for American Studies at Fudan University, because he is seen as more aggressive.
“Yellen is seen as a professional in the eyes of the Chinese, and her attitude towards Sino-US economic and trade relations is relatively rational,” Wu said. She said that she opposes the separation of the two economies.
“I don’t think a visit or talks alone can achieve the goal of stabilizing relations,” Taylor Fravel of the Massachusetts Institute of Technology told AFP.
But Yellen’s visit and comments express support for continued US-China economic cooperation, “despite political friction in the relationship and competitive actions around limiting China’s access to certain technologies such as semi-conductors.”
