US Treasury Secretary Janet Yellen has highlighted the importance of maintaining robust economic relations between the United States and China. During a recent meeting with Chinese Vice Premier He Lifeng in San Francisco, Yellen emphasized that the US does not intend to disengage its economy from China’s, noting that such a move would be detrimental to both countries and could destabilize the global economy.
Yellen also addressed concerns regarding Chinese firms aiding Russia in the Ukraine conflict. She indicated that the US Treasury has observed some Chinese firms and banks facilitating the delivery of critical equipment to Russia, which could be bypassing current sanctions. Yellen clarified that there are no allegations against the Chinese government in this matter, but stressed that these firms could face significant consequences for their actions.
Yellen mentioned she has accepted an invitation to visit China next year, signaling a continued dialogue and engagement between the economic leaders of the two nations. This meeting precedes a planned discussion between US President Joe Biden and Chinese Premier Xi Jinping, set to take place in San Francisco at the upcoming Asia-Pacific Economic Cooperation summit.
Relations between the US and China have been strained since the tenure of former US President Donald Trump, who imposed tariffs and sanctions on Chinese firms. The Biden administration has maintained some of these policies, focusing on revitalizing US manufacturing and regulating Chinese technology companies.
Recent months have seen efforts from the Biden administration to improve diplomatic relations with China. This includes Yellen’s face-to-face meeting with former Vice Premier Liu He in January and her visit to China in July, where discussions centered around economic policies and cooperation on various global issues, including climate change.
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