Yellen concluded her four-day visit to Beijing on Sunday and acknowledged that the U.S. and China still have significant disagreements on various issues. However, she expressed confidence that her visit has moved forward U.S. plans to "put the U.S.-China relationship on surer footing."
At a press conference at the U.S. embassy in Beijing, Yellen highlighted U.S. concerns about what she described as "unfair economic practices" and recent punitive actions against U.S. firms. Despite these differences, Yellen emphasized that President Biden and herself do not view the relationship between the U.S. and China through the lens of great power conflict. They believe that both countries can thrive in the world.
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Yellen's visit comes as the U.S. federal government seeks to repair its relationship with China, which has been strained in recent years due to various issues, including Taiwan and technology. Secretary of State Antony Blinken visited Beijing last month on his first visit under the Biden administration. Blinken's initial visit in February was canceled due to concerns over a Chinese spy balloon. Climate envoy John Kerry is also expected to visit China later this month.
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A potential meeting between President Biden and Chinese President Xi Jinping could take place as early as September during the Group of 20 summit in New Delhi or in November for the Asia-Pacific Economic Cooperation gathering in San Francisco.
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Yellen stated that her visit aimed to strengthen ties with China's new economic team, reduce the risk of misunderstandings, and pave the way for cooperation in areas such as climate change and debt distress. She expressed optimism about the progress made during her visit and the potential for a healthy economic relationship that benefits both countries and the world. Yellen also anticipated increased communication between staff members.
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During her meetings, Yellen discussed concerns raised by Chinese officials regarding an expected executive order restricting outbound investment. She assured them that any measures addressing this issue would be narrow in scope and implemented transparently through a rule-making process that allows public input.
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Yellen emphasized that the U.S. does not intend to distance itself from China's economy, as such a move would be disastrous for both countries and destabilizing for the world. Instead, the U.S. aims to foster an open, accessible, and fair economy that does not force countries to choose sides.
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When asked about plans by BRICS countries (Brazil, Russia, India, and China) to announce a new currency, Yellen expressed confidence that the dollar will remain the dominant currency in international transactions. She cited data showing that the dollar is overwhelmingly used in international transactions and stated that no alternative could displace it in the foreseeable future.
During her visit, Yellen met with senior Chinese officials, U.S. companies operating in China, climate finance experts, and women economists. She called for increased cooperation between the two countries on economic and climate issues while criticizing punitive actions against U.S. companies in China.
Yellen also addressed the war in Ukraine between Russia and Ukraine with Chinese officials, emphasizing the importance of Chinese firms refraining from providing material support to Russia for the conflict.
The U.S. and China have downplayed expectations for immediate solutions during the talks. Yellen acknowledged that no single visit can resolve all challenges overnight. However, she hoped her trip had established a resilient and productive communication channel.
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U.S. Treasury Secretary Janet Yellen's visit to China was characterized by productive bilateral meetings and efforts to stabilize the relationship between the two countries. While acknowledging significant disagreements, Yellen expressed confidence in moving forward with U.S. plans to strengthen the U.S.-China relationship.
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The visit aimed to foster cooperation in climate change and debt distress while addressing concerns and promoting an open, accessible, and fair economy. Yellen's visit contributes to ongoing efforts to repair the strained relationship between the U.S. and China.
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