US-China relations 'on surer footing,' Yellen says
July 9, 2023
US Treasury Secretary Janet Yellen said Sunday that ties between the US and China are "on surer footing" as she concluded a four-day visit to Beijing.
"We believe that the world is big enough for both of our countries to thrive," Yellen said during a media briefing at the US Embassy in the Chinese capital.
"My bilateral meetings — which totaled about 10 hours over two days — served as a step forward in our effort to put the US-China relationship on surer footing," she added.
What was discussed?
The objective of Yellen's visit was to deepen ties with China's new economic team and avoid any misunderstandings in the two superpowers' economic rivalry.
Yellen said Chinese officials raised concerns about an expected executive order that would restrict outbound investment.
She told Chinese officials that any such measure would be narrow in scope and would be enacted in a transparent way, through a rule-making process that would allow public input.
Yellen also said Beijing could raise concerns about US actions, so that Washington could explain, and "possibly in some situations, respond to unintended consequences of our actions if they're not carefully targeted."
Strengthening communication channels
China's state-run Xinhua news agency said on Saturday that Yellen's meeting with Vice Premier He Lifeng yielded an agreement to "strengthen communication and cooperation on addressing global challenges."
It comes amid a push by the US to open a dialogue with the Chinese leadership on economic disputes.
Relations between the world's two biggest economies have been battered by issues such as Taiwan, trade and technology.
Last month, US Secretary of State Antony Blinken visited Beijing and US President Joe Biden could meet with Chinese President Xi Jinping at the upcoming G20 summit in New Delhi or the Asia-Pacific Economic Cooperation gathering in San Francisco.
But both sides have played down the idea that Yellen's trip alone would lead to a breakthrough.
"No one visit will solve our challenges overnight. But I expect that this trip will help build a resilient and productive channel of communication," she said.
zc/wd (AFP, Reuters)