China “US Treasury, 6-9 days”… US “hopes for long-term communication with China’s economic team”
In less than three weeks since US Secretary of State Tony Blincoln visited China, US Treasury Secretary Janet Yellen (pictured) will visit China on the 6th. It is taken as a clear sign that high-level exchanges and communication are resuming.
The Chinese Ministry of Finance announced on its website on the 3rd that Minister Yellen will visit China from the 6th to the 9th according to the agreement between the US and China. The US Treasury Department also announced Secretary Yellen’s plan to visit China, explaining, “We will strengthen communication between the US and China on various issues such as global macroeconomics and financial development.”
This is Yellen’s first visit to China since taking office. After the inauguration of the Joe Biden government, Minister Yellen had three video conferences with former Vice Premier Liu He, a counterpart, and had the first face-to-face meeting in Zurich, Switzerland in January. Since then, he has announced his intention to visit China several times, but the schedule has not been confirmed as the relationship between the US and China has been strained due to the ‘balloon conflict’ in February.
During his visit to China, he is expected to have his first face-to-face meeting with Vice Premier He Peng, who will become his new counterpart, and also hold talks with Finance Minister Liu Kun. There is also a possibility of meeting with Premier Li Chang, who oversees the Chinese economy.
Observers believe that Yellen, who is called the ‘Tsar’ in the US economy as well as the Secretary of the Treasury, will be able to comprehensively discuss economic issues between the two countries. Minister Yellen made it clear that the US pursues derisking (derisking), not decoupling (decoupling) with the public, explained advanced semiconductor equipment export control policies, etc., and objected to counter-sanctions imposed by China on US semiconductor companies. seems to be raised. In response, China criticizes that derisking is fundamentally no different from decoupling, and there is a possibility that it will complain about the US move to continue to pressure and contain its country in high-tech areas such as semiconductors.
The New York Times reported that Minister Yellen is expected to raise human rights issues in China, such as Xinjiang, and convey concerns about the impact China’s recently implemented revised anti-espionage law will have on foreign companies.
However, rather than finding an agreement, there is a high possibility that the two sides will have a dialogue at a level where they can better understand each other’s positions. A US Treasury official said, “We do not expect any major breakthroughs from this trip,” and “hope to establish a long-term communication channel with China’s new economic team,” Bloomberg reported.
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2023-07-03 12:23:00
