The US Treasury Secretary leaves China, talking about “progress”, despite the continuing differences
At the end of her visit to China, which she is leaving today, Sunday, US Treasury Secretary Janet Yellen spoke of “progress” in the talks that she held over the course of 4 days, indicating that relations between Washington and Beijing now have “more solid foundations”, expressing her optimism after the visit that aimed Mainly to reduce tension between the two largest powers in the world, despite its recognition of ongoing differences on a number of open issues.
Yellen said the 10 hours she spent in bilateral meetings with senior Chinese officials in the past few days were “direct” and “productive” and helped stabilize the strained relationship, according to Reuters.
At a closing press conference inside the US embassy in Beijing, Yellen said the two countries remain at odds on a number of issues, but she expressed confidence that her visit had prompted US efforts to “put US-China relations on a firmer footing.”
Yellen told reporters that “there are significant differences between the United States and China,” citing Washington’s concerns about what she described as “unfair economic practices” and recent punitive measures against American companies, adding: “But President (Joe) Biden and I do not see the relationship between the United States.” And China through the framework of the great power struggle. We believe that the world is big enough for our two countries to flourish.”
Yelin said the aim of her visit is to establish and deepen relations with China’s new economic team, reduce the risk of misunderstanding and pave the way for cooperation in areas such as climate change and the debt crisis, adding: “I think we have made some progress and I think we can have a healthy economic relationship.” It benefits us and the world,” noting that she expects more and more regular contacts.
She noted that Chinese officials had raised concerns about an expected executive order restricting foreign investment, but she assured them that any such measure would be narrow in scope and would be implemented in a transparent manner, through a decision-making process that allows for public opinion.
In response to a question about the plans of the BRICS member states, namely Brazil, India, Russia and China, to unveil a new currency, Yellen said that she expects the dollar to remain the dominant currency in international transactions, adding that “all the data that I know shows that the dollar is widely used, Almost 90% is in international transactions, and I don’t think there is an alternative that can replace that in the near future,” according to Agence France-Presse.
The “New China News Agency” (Xinhua) said that the meeting held on Saturday between Yelin and Vice Prime Minister He Lifeng made it possible to agree to “strengthen communication and cooperation to meet global challenges.” On Sunday, Yellen acknowledged that there were “significant differences” between the two countries, but stressed that the discussions in Beijing were “direct, substantive and fruitful”.
The main sticking point is semiconductors, and in recent months US restrictions have been imposed to cut off the supply of US technology, including chips, to Chinese firms. China, which seeks to become independent in this field, considers that these measures aim to impede its development and maintain American superiority.
Yellen warned that the United States would continue to take “targeted actions” in order to maintain its national security, but said, “It is important to note that these actions are motivated by considerations of national security. We do not use them to gain economic advantage.”
It also expressed “serious concerns” with Washington regarding Beijing’s “unfair trade practices”. In particular, it concerns barriers to entry of foreign companies into the Chinese market and issues related to the protection of intellectual property.
“I also expressed my concerns about the recent increase in coercive measures against American companies,” Yellen said, referring to inspections and investigations targeting companies in China in recent months.
Yellen’s visit is the latest attempt by Washington to mend relations between the world’s two largest economies, battered by problems ranging from Taiwan to technology that has drawn allies into competition, which has had an impact on businesses and trade relations.
Yellen’s visit, her first to Beijing since taking office in 2021, also came weeks after Secretary of State Anthony Blinken’s visit, and embodies the Joe Biden administration’s desire to calm strained bilateral relations.
US Secretary of State Antony Blinken visited China last month, the first visit by the most senior US diplomat since Biden assumed the presidency, and US climate envoy John Kerry is also expected to visit China this month.
The US diplomatic effort comes ahead of a possible meeting between President Biden and his Chinese counterpart, Xi Jinping, at the G-20 summit in September in New Delhi or the Asia-Pacific Economic Cooperation meeting scheduled for November in San Francisco.
Yellen arrived in the Chinese capital last Thursday, where she was received by many senior government officials, including Prime Minister Li Qiang, and she has been calling for more exchanges and cooperation between the two countries despite the differences.
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2023-07-09 07:08:55
