Janet Yellen: We are not seeking to disengage from China

US Treasury Secretary Janet Yellen said, on Friday, that her country does not seek a “complete separation between the Chinese and American economies,” expressing concern about Beijing’s use of “punitive” moves against American companies, including the restrictions it recently imposed on exports of raw materials used in The electronic chip industry, while the Chinese Prime Minister pointed to a “possible improvement” in relations with Washington. Yesterday, Yellen called for “healthy competition” with China, expressing hope that “differences” would not cause a “useless deterioration” in relations between the two countries. “We seek healthy economic competition, in which the strongest does not reap all the spoils, with a set of fair rules that countries can benefit from over time,” Yellen said during a meeting with Premier Li Qiang at the People’s Palace in Beijing. In turn, Chiang pointed to a possible improvement in the strained relations between Beijing and Washington. In the context, Yellen indicated, during her meeting with US executives working in China, that the United States and its allies will confront what she described as “unfair economic practices” on the part of China. Yellen stressed that maintaining “direct and clear lines of communication at the highest levels” between Beijing and Washington “will be in the interest of both countries,” noting that “the shift towards market reforms will be in the interest of China.” Considering that “previous reforms curbed the speed of growth.”