©Portal. US Treasury Secretary Janet Yellen during a meeting in Washington April 13, 2023 Portal/Ken Cedeno
By Andrea Schalal
WASHINGTON (Portal) The United States seeks “constructive and fair” economic relations with China but will protect its national security interests and counter China’s actions to dominate foreign competitors, US Treasury Secretary Janet Yellen said in a speech on Thursday.
In excerpts released by the Treasury Department, Yellen laid out the Biden administration’s key goals for economic ties between the world’s two largest economies amid ongoing tensions that have thwarted highlevel meetings.
Yellen, who said she still hopes to visit Beijing to meet with her business peers, said the United States remains the world’s largest and most dynamic economy, leading in areas ranging from wealth to more technological innovation was enough.
“More than resources or geography, our country’s success is due to our people, values, and institutions. American democracy, while imperfect, protects the free flow of ideas and the rule of law that underpin sustainable growth,” she said in remarks prepared for the School of Advanced International Studies at Johns Hopkins University.
Yellen said the Biden administration’s economic priorities in China included safeguarding US national security interests, promoting “healthy” competition and working together wherever possible on global issues such as climate change, debt relief and macroeconomic stability.
But Washington is voicing concerns about China’s increased support for stateowned companies and domestic private companies to dominate foreign competitors, as well as its “aggressive” efforts to acquire new knowhow, including through intellectual property theft and “other illegal measures.” to express means”.
“We will not hesitate to defend our vital interests,” she said, stressing that Washington’s crackdown on China was motivated only by concerns about US security and values and was not aimed at gaining an economic competitive advantage.
She assured that Washington would not let go of these concerns, even if they accelerate negotiations with US economic interests.
At the same time, she said the Biden administration is not looking for “winnertakeall” competition and believes healthy economic competition with a fair set of rules could benefit both countries over time.
“Sports teams perform at their best when they are constantly competing against top competitors. Companies produce better and cheaper products when they compete for consumers,” she said.
She also called on China to fulfill its promise to work with the United States on macroeconomic issues and pressing global challenges such as climate change and the debt crisis.
“More needs to be done,” she said. “We ask China to honor its promise to work with us on these issues not to do us any favours, but as our shared duty and commitment to the world.”