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Yellen acknowledges “disagreements” between the US and China but is committed to communication

Date: June 17, 2024 Time: 03:40:37

During her OFFICIAL visit to the Asian country with the aim of reducing tensions and “Establishing and deepening laser relations with the new ecclesiastical in Beijing”, this is what the US Treasury Secretary, Janet Yellen, assured this Sunday in Beijing that the United States and China has “significant disagreements” but both sides must “communicate clearly and directly” to stabilize the relationship.

“The US and China have important differences. But they must communicate clearly and directly. This is not a great power conflict, because the world is big enough for our two countries to prosper. But we have an obligation to manage the relationship in a way responsible. We have to find a way to live together and share global prosperity,” Yellen told a news conference after her visit to China.

In search of “establishing and deepening relationships”

He added that his trip had the objective of “addressing the challenges and opportunities” that both countries face, as well as “establishing and deepening relations with the new economic team in Beijing.” “These discussions have been part of a concerted and comprehensive effort to stabilize the relationship, reduce the risks stemming from misunderstandings and discuss areas of cooperation,” said Yellen, who in recent days met with Chinese Premier Li Qiang. with the new head of the Chinese Communist Party (CCP) at the People’s Bank, Pan Gongsheng; with the Minister of Finance, Liu Kun, or with the Chinese vice-premier responsible for economic policy, He Lifeng.

According to Yellen, during the talks the “pillars” of the economic relationship were discussed, and she assured that the dialogue was “direct and productive.” “We’ve talked about each other’s economies and political options, which I think is vital because we’re the two largest economies in the world. Even when we disagree, I think it’s important to appreciate that the discussions are frank and in-depth.” , sign.

healthy competition

Yellen noted that during their talks he made it clear that “both President Joe Biden and I seek a future of healthy economic competition between our two countries.” “We believe that it is possible to achieve a beneficial long-term economic relationship that supports growth and innovation on both sides. The US is not seeking to decouple from China. But it is one thing to decouple and another to diversify the most critical supply chains or adopt specific measures for reasons of national security,” he said.

Yellen said that “A Decoupling of the world’s two largest economies would be both disastrous and destabilizing for the world. Undertake. We want a Global Economy that is Dynamic and Healthy, Open, Free and Fair, not one that is fragmented or forcing countries to take sides.”

This healthy competition will be sustainable if it benefits both parties. relaxed relationships with intellectual property,” she pointed out.

According to Yellen, “fair treatment is essential for American companies and workers to compete on a level playing field and benefit economically from trade and investment with China.” “I also expressed my concern about a recent increase in enforcement actions against US companies. A shift to a more market-oriented system in China will benefit the interests of the US and other countries but also the Chinese economy,” she concluded.

export restrictions

Yellen’s trip to China took place two weeks after the US Secretary of State, Antony Blinken, traveled to Beijing, and it was yet another attempt to reduce tension between the two powers.

The visit comes months after Washington imposed restrictions on the export of US-made semiconductors and materials, a move aimed at limiting Beijing’s ability to make parts needed to run supercomputers or advanced military systems.

Although there was no official confirmation, the Wall Street Journal published days ago that the United States is considering new restrictions on exports of artificial intelligence chips to China.

This Monday, Beijing counterattacked by announcing restrictions on the export of gallium and germanium, two key metals for the manufacture of semiconductors, a product that is at the center of commercial and technological tensions between the two.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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