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China’s growth on the world stage is good for the United States as long as the ruling Communist Party “adheres to international rules,” Treasury Secretary Janet Yellen said this week.
Yellen made the comments during an interview with Bloomberg TV in Niigata, Japan on Friday.
“We strive for a healthy economic relationship with China that promotes growth and innovation in both countries,” Yellen told the medium. “A growing China that abides by international rules is good for the United States and the world.”
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Treasury Secretary Janet Yellen testifies before the Senate Finance Committee on Capitol Hill in Washington on President Biden’s proposed fiscal year 2024 budget proposal. (AP Photo/Jacquelyn Martin / AP Newsroom)
The minister called the economic benefits of competition between the two world powers desirable, but only if they were kept “sustainable” through cooperation.
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“Both countries can benefit from healthy economic competition. But healthy economic competition – from which both sides benefit – is only sustainable if that competition is fair,” said Yellen.
China’s Vice Premier He Lifeng delivers a video address at the opening ceremony of the third China International Consumer Products Expo in Haikou, capital of south China’s Hainan Province, on April 10, 2023. (Li Xin/Xinhua via Getty Images/Getty Images)
Yellen was in Niigata for a meeting of financial leaders representing the Group of Seven, an informal coalition of the world’s most economically powerful nations.
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Janet Yellen, US Secretary of the Treasury, during a press conference at the Treasury Department in Washington, DC, April 11, 2023. (Eric Lee/Bloomberg via Getty Images / Getty Images)
In the same interview, the finance ministry head was asked if she had met with her latest Chinese counterpart, Vice Premier He Lifeng.
“I haven’t had any contact with my new counterpart yet,” she said. “I assume that I will travel there. I can’t tell you when that is. We have a number of senior American officials who are likely to travel there and we need to put them in the right order.”