Janet Yellen to Visit Beijing for High-Level Talks with Chinese Officials
The United States Secretary of the Treasury, Janet Yellen, is set to travel to Beijing from July 6 to 9 to meet with senior Chinese officials, according to an announcement by the Treasury. This will be Yellen’s first visit to China and the second visit by a member of President Joe Biden’s cabinet in recent weeks.
The previous visit by Secretary of State Antony Blinken had a positive outcome, despite President Biden’s controversial remark referring to Chinese President Xi Jinping as a dictator. Yellen’s trip follows President Biden’s directive to deepen communication and address various issues, including global macroeconomics and financial developments.
During her visit, Yellen will discuss the importance of responsible management of the relationship between the United States and China, as the world‘s two largest economies. The Treasury emphasized the need for direct communication and collaboration on global challenges.
The visit reflects the interest of both countries in normalizing their relationship, avoiding misunderstandings, and expanding collaboration where possible. The US-China relationship has been strained due to geopolitical rivalry, particularly concerning the issue of Taiwan. Additionally, China’s support for Russia during the Ukraine conflict has raised suspicions in Washington.
Tensions between the US and China have escalated further due to military and technological disputes, such as restrictions on the export of critical technologies to China. The origin of the COVID-19 pandemic and Chinese intelligence activities in Cuba have also contributed to the climate of mistrust.
Economic competition and cooperation will be a key focus of Yellen’s visit. The United States has encouraged domestic investments to reduce dependency on foreign supply chains. Certain programs, such as support for electric cars, require national manufacturing and limit Chinese products. The United States also maintains tariffs on Chinese goods imposed during Donald Trump’s presidency.
The announcement of the visit comes after months of speculation and uncertainty caused by ongoing tensions. In April, Yellen outlined three guiding principles for the US economic relationship with China, emphasizing national security, economic growth and innovation, and cooperation on global challenges.
One area of cooperation the United States seeks is for China to play a more generous role in addressing the debt crisis faced by developing countries. An agreement was recently reached between China and Zambia, which Washington views as a potential model for other countries.
Yellen’s counterpart in Beijing will be Vice Premier He Lifeng, a trusted figure of President Xi. It is unlikely that Yellen will meet with President Xi during her visit, unlike Blinken’s previous visit. She is expected to hold meetings with political and economic leaders, as well as US companies operating in China.
While concrete outcomes may be limited, the visit aims to enhance communication and exchange positions on areas of disagreement. Yellen emphasized that a complete separation of the two economies would be disastrous and highlighted the interdependence between the Chinese and American economies.
In 2020, China exported more than $536 billion worth of goods to the United States, while the United States exported $154 billion worth of goods to China. The visit will play a crucial role in shaping the future of the US-China economic relationship.
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