Janet Yellen Calls for Closer China-US Communication on Economic Decision-Making and Climate Change Initiatives

(Be sure to read in §3 that He Lifeng is China’s Vice Premier) by Andrea Shalal BEIJING, July 8 (Reuters) – U.S. Treasury Secretary Janet Yellen on Saturday called for closer communication between China and the United States to improve economic decision-making and challenged Beijing to join global initiatives to help poorer countries fight climate change. Despite the tensions between the two countries, the record level of their bilateral trade shows that there is “large leeway” to engage in trade and investment and that it is essential to focus on areas of common interest and to address disagreements through dialogue, Janet Yellen told Chinese Vice Premier He Lifeng at the start of a meeting. His visit, which will last until Sunday, is Washington’s latest attempt to mend ties between the world’s two largest economies, which have been strained by topics ranging from Taiwan to technology, which have dragged their allies into their rivalry and had an impact on businesses and business relationships. Like US Secretary of State Antony Blinken, who was there last month for the first time under President Joe Biden, Janet Yellen is seeking a delicate balance between appeasement and maintaining pressure for China to end practices that Washington deems harmful to American and Western businesses. Both parties played down expectations of this new visit, while hailing the opportunity for frank and direct diplomacy. “Amid a complex global economic outlook, there is an urgent need for the two largest economies to communicate closely and exchange views on responses to different challenges,” Janet Yellen told He Lifeng. “STRENGTHENING OUR ECONOMIES” This could “help both sides better understand the global economic outlook and make better decisions to strengthen our economies,” she added. At the same time, Janet Yellen reiterated that Washington wants to ensure healthy competition through a “fair set of rules” that will benefit both countries over time. As the United States seeks to renew dialogue at all levels, Beijing for its part has repeatedly called on Washington to walk the talk, stressing that the United States continues to limit the access of China to technologies such as semiconductors. Beijing has also refused to renew bilateral military ties, while tariffs imposed on Chinese goods during the trade war waged under President Donald Trump remain in place. Before Janet Yellen’s arrival, China this week abruptly announced export controls on two metals widely used in semiconductors and electric vehicles, in the name of protecting its security and national interests. Newly appointed Premier Li Qiang nevertheless left the door open for continued dialogue, urging Janet Yellen on Friday to ‘meet China halfway’ as the two sides inject ‘positive energy’ into their relationship. bilateral. Despite discussions of economic decoupling between the United States and China, which the two countries oppose, the data shows that their trade relationship is fundamentally sound, with two-way trade reaching $690 billion last year. The United States will continue to communicate concerns about certain economic practices directly and will take targeted action to protect its national security, Janet Yellen said. THE ‘EXISTENTIAL THREAT’ OF CLIMATE CHANGE She also urged China not to let disagreements ‘lead to misunderstandings, especially those stemming from a lack of communication, which can unnecessarily worsen (economic and financial) relations bilateral”. Janet Yellen also told government officials and climate experts on Saturday that China has the ability to help the world deal with the “existential threat” posed by climate change. Beijing and Washington must take the lead in helping poor countries meet their climate goals and deal with the impact of climate change, she told a roundtable. Cooperation on climate change finance is a “core” responsibility of the world’s two largest greenhouse gas emitters and the largest investors in renewable energy, added Janet Yellen. China, classified as a developing country by the United Nations, has long asserted that it is the responsibility of developed countries to help poor countries finance the fight against climate change. However, Beijing says it could contribute to “loss and damage” from climate change on a voluntary basis. (Report Andrea Shalal; French version Camille Raynaud, Benjamin Mallet and Gilles Guillaume)
2023-07-08 15:49:13


#LEAD #1Yellen #calls #USChina #cooperation #economy #climate