Treasury Secretary Janet Yellen has conveyed the United States’ intention to establish “constructive and fair” economic relations with China while emphasizing the imperative to safeguard national security interests and counter actions aimed at foreign competition dominance. Yellen articulated these points during a speech at Johns Hopkins University’s School of Advanced International Studies, delineating the key objectives of President Joe Biden’s administration regarding the pivotal economic relationship between the two largest global economies.
Yellen acknowledged the current tense state of the relationship and expressed her commitment to clarity and honesty in navigating this essential connection. She disclosed plans to visit Beijing at an appropriate time to engage with her Chinese counterparts for the responsible management of the relationship, although specific details about the trip’s timing were not provided.
The Treasury Secretary’s remarks come against the backdrop of escalating tensions and a more confrontational stance from China towards the United States and its allies, particularly concerning national security issues such as Taiwan, Russia’s actions in Ukraine, and US export bans on advanced technologies.
Despite the current challenges, Yellen underscored the interest in fostering a growing China that adheres to global rules. She raised concerns about China’s expansive partnership with Russia, emphasizing the need for China and other nations to refrain from providing material support to Russia in its actions against Ukraine.
Yellen outlined the Biden administration’s economic priorities regarding China, emphasizing the protection of US national security interests, promoting healthy competition, and collaboration on global issues like climate change, debt relief, and macroeconomic stability. While expressing concerns about China’s support for state-owned enterprises and private firms dominating foreign competitors, she stressed that the US would communicate its apprehensions transparently.
Maintaining a firm stance on national security and democratic values, Yellen clarified that the US’s actions were not driven by a desire for a competitive economic advantage. She rejected a “winner-take-all” approach, advocating instead for healthy economic competition with fair rules that could benefit both countries over time.
In conclusion, Yellen called on China to fulfill its commitment to collaborate with the US on macroeconomic issues and global challenges, emphasizing the shared responsibility to address pressing issues like climate change and debt distress.
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