US Treasury Secretary Janet Yellen landed in Beijing on July 7 on a four-day journey to search out widespread floor for a mutually useful financial relationship between the world’s two largest economies.
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Treasury Secretary Janet Yellen landed in Beijing on Thursday for a four-day journey to search out widespread floor because the US-China rivalry grows more and more hostile.
Yellen’s journey marks a deeper thaw in US-China ties and comes weeks after Secretary of State Antony Blinken’s go to to Beijing final month, the primary high-level assembly between the 2 international locations after months of tensions.
“The 2 sides are literally speaking and looking for the strategic area for either side to function, and this will probably be excellent for the remainder of the world,” mentioned Andrew Sheng, a distinguished fellow on the Asia World Institute of the College of Hong Kong. advised CNBC Thursday.
Yellen’s journey comes simply days after China abruptly imposed export restrictions on making metals and its compounds, escalating Beijing’s know-how warfare with the US and Europe.
Earlier than leaving for China, Yellen had a “candid and productive dialogue” with Xie Feng, China’s US ambassador. according to the US Treasury Department.
Whereas in Beijing, Minister Yellen will seek the advice of with [People’s Republic of China] officers emphasised the significance for our international locations – because the world’s two largest economies – to responsibly handle our relationship, talk straight on downside areas and work collectively to handle world challenges,” the Treasury Division mentioned. said Sunday.
In a speech from AprilYellen careworn the significance of equity in US-China financial competitors.
She sketched three economic priorities for the US-China relationship: safeguarding nationwide safety pursuits and defending human rights, selling mutually useful development and cooperation on world challenges comparable to local weather change and indebtedness.
A senior authorities official advised reporters on Sunday that Yellen’s go to will underscore these objectives.
“We’re not attempting to disconnect our economies,” the official mentioned. “An entire halt to commerce and funding could be destabilizing for each our international locations and the worldwide financial system.”
