Home » Yellen will meet with Liu He in Switzerland this week after the visit

Yellen will meet with Liu He in Switzerland this week after the visit

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U.S. Treasury Secretary Yellen (Kevin Dietsch/Getty Images)

[Look at China News, January 16, 2023](See Chinese reporter Xiao Ran compile/comprehensive report)us treasury secretary yellenWill meet Chinese Vice Premier Liu He in Switzerland on January 18 to discuss economic development between the two countries. Yellen’s next stop is Africa and is considering a visit to China.

According to reports from the Associated Press and the Wall Street Journal, the two will meet in Zurich on Wednesday before Yellen will visit Africa to counter the CCP’s influence on the continent. Liu He, who is expected to step down in March but is close to Xi, will attend the World Economic Forum in Davos, Switzerland.

The Zurich talks will be a follow-up to a face-to-face meeting between Biden and Xi on the sidelines of the Group of 20 summit in Bali, Indonesia, in November, when the two leaders agreed to authorize key senior officials to maintain communication. Yellen is considering a trip to China after Secretary of State Blinken’s visit next month.

The renewed engagement between senior U.S. and Chinese officials comes as Beijing scrambles to revive its economy and downplay Washington, while the U.S. scrutinizes Chinese technology for national security risks.

The Biden administration began blocking the sale of advanced computer chips to China last year and is working on an executive order to review U.S. investments in certain Chinese technology sectors, including advanced semiconductors. That could undermine key economic goals Mr. Xi has set for his country.

Treasury officials have held a series of meetings with private-sector representatives, according to people familiar with the matter. Unresolved questions include how much of China’s tech sector will be reined in, whether the government will ban investment in them outright and how investors will comply with the new rules. Regulation. Progress in drafting the executive order has been slowed by the difficulty of resolving these issues.

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The Treasury Department is also leading a review of TikTok’s U.S. operations, owned by a Chinese parent company, in the Committee on Foreign Investment in the United States, an interagency government panel. According to the Wall Street Journal, Treasury Department officials have warned against calls to spin off TikTok’s U.S. operations because other officials in the Biden administration have pushed for that option.

In terms of trade, Yellen called for “alliance outsourcing”, that is, relocating supply chains to countries such as India to reduce dependence on China, which China expressed dissatisfaction with. She also explicitly called on China to end its relationship with Russia amid Russia’s invasion of Ukraine. On tariffs, though, she favored easing some U.S. tariffs on Chinese goods.

Wednesday’s meeting will be Yellen’s first face-to-face meeting with Liu since taking office, following three previous virtual meetings.

U.S.-China Rivalry in Africa

Before Yellen’s trip to Africa, she had publicly commented on the CCP’s financing practices in Africa, calling them “economic practices that put us all at a disadvantage.”

Africa is crucial to the global economy because of its fast-growing population and rich natural resources. The Chinese Communist Party has surpassed the United States as one of the world‘s largest creditors in trade with the African continent. The United States is expanding its influence on the African continent to Countering the growing influence of the Chinese Communist Party.

Qin, the new foreign minister of the Communist Party of China, started his first visit to five African countries just after he took office, which shows that China attaches great importance to Africa. At the U.S.-Africa Summit in December, U.S. President Biden announced his plan to visit Africa this year, and the U.S. Vice President, Secretary of Defense and Secretary of Commerce and other senior government officials have also announced their plans to visit Africa. Yellen just ended a few years ago. Missions to Senegal, South Africa and Zambia.

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“It seems like a catch-up,” Ramayadeh, senior director of the Atlantic Council’s Africa Center, told the Wall Street Journal.

In August last year, the UK’s Economic Intelligence Unit (EIU) published a report titled “A New Vision for China-Africa Relations”, pointing out that it will be difficult for Western powers to replace China in Africa in the next 10 years. In addition to building infrastructure and extracting natural resources, Beijing has shifted its focus to boosting bilateral trade and diversifying investment. In addition to state-owned enterprises, the report expects private investors to move into agriculture, consumer goods, industry, finance and communications.

The Economist Intelligence Unit compared the recent African strategies of the US, Europe and the CCP. The EU proposes a US$154 billion “Global Gateway Africa-Europe Investment Plan”, the United States proposes a “Building a Better World (B3W)” plan, and the G7 Global Infrastructure Partnership with an investment of US$600 billion. The move will counterbalance the CCP to a certain extent, but it will be difficult to completely replace the CCP’s influence on the African continent.

Economists also predict that, so far, investment has been almost exclusively made by state-owned enterprises. In the next 10 years, China’s private sector will invest heavily in information and communication technology (ICT) infrastructure and services, agriculture, consumption, electronics, light industry, and finance.

In addition, China’s food security problems and huge food demand may also drive a large amount of investment into Africa’s agricultural production sector.

The report also predicts that there may be a wave of corporate migration in the future, because a large number of young and cheap labor in Africa may be able to make up for the aging of China’s labor force.

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Source: See China–All rights reserved, any form of reprint needs to see China’s authorization. Mirror sites are strictly prohibited.

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