US Treasury Secretary Janet Yellen said on Sunday that her talks with the Chinese authorities have put bilateral relations on a “firmer footing”.
Yellen ended a four-day visit to Beijing aimed at stabilizing strained relations between the world’s two largest economies. He stressed the need to increase exchanges and cooperation despite the deep disagreements between the two powers.
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I met with my Chinese counterpart, Vice Premier He Lifeng, yesterday. We discussed the economic prospects for our two countries, and I raised concerns on behalf of American workers and businesses. We strive for an economic relationship from which both sides benefit. https://t.co/0VnghH0cno
—Secretary Janet Yellen (@SecYellen) July 9, 2023
“We believe the world is big enough for our two countries to prosper,” he said at the US Embassy in Beijing on Sunday.
Although the visit did not yield any concrete agreements, China’s official Xinhua News Agency reported Saturday night that Yellen’s meeting with Chinese Vice Premier He Lifeng resulted in an agreement to “strengthen communication and cooperation in addressing global challenges.”
Yellen assured that despite the “significant discrepancies” between the two countries, she was able to hold “direct, substantive and productive” talks with the Chinese authorities.
“My bilateral meetings, which totaled 10 hours over two days, were a step forward in our effort to put US-China relations on a more solid footing,” he said.
differences
Topping the list of disagreements are trade restrictions, which the US says are aimed at restricting China’s access to advanced technology that the country deems vital to its national security.
The United States will maintain “targeted measures” to protect its national security, but such trade restrictions are not intended to “gain economic benefits,” Yellen said.
He claimed that his government’s actions “should be transparent, limited in scope and focused on clear objectives (…) We do not use them to gain economic advantage.”
He also said he had raised “serious concerns” about Beijing’s “unfair trade practices.”
Biden agenda
The visit furthered US President Joe Biden’s agenda to deepen ties with China while reaffirming Washington’s positions.
In fact, Biden has stated that he believes “there is a way” to forge a working relationship with China that will benefit two nations that have been trying to get closer over the past few months.
“I think there is a way to find a solution and build a working relationship with China that will benefit them and us,” the president said in an interview on CNN that took place last Friday and aired in full this Sunday.
Biden and Xi Jinping meet in Indonesia
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Biden asserted that while he is aware that Xi Jinping wants to replace the US as the country with the largest economy and military capability in the world, both nations can maintain good relations.
tensions from the past
China and the United States experienced a period of great tension during the administration of Donald Trump (2017-2021), when both nations became embroiled in a trade war with the mutual imposition of economic tariffs.
However, there was a rapprochement when Biden and Xi Jinping met on the sidelines of the G20 summit in Bali in November 2022.
With information from AFP, CNN and EFE.