US Treasury Secretary Janet Yellen has emphasised the importance of clear and direct communication between the United States and China regarding their significant disagreements.
Yellen's recent visit to Beijing aimed to establish and strengthen ties with China's new economic team, reduce misunderstandings, and foster cooperation in areas such as climate change and debt distress.
"The US and China have significant disagreements," Yellen told reporters, addressing a press conference at the US embassy in Beijing.
"But President (Joe) Biden and I do not see the relationship between the US and China through the frame of great power conflict. We believe that the world is big enough for both of our countries to thrive."
During her four-day trip, Yellen held bilateral meetings with senior Chinese officials, spanning around 10 hours. She described these discussions as "direct" and "productive," which helped stabilise the often tumultuous relationship between the two economic powerhouses. Yellen expressed that the US and China must openly communicate their differences to find common ground and thrive in a world that has ample space for both nations.
The US Treasury Secretary asserted that the objective of her visit was not to sever economic ties with China but to foster an open, fair, and free economy that avoids forcing countries to take sides. Yellen stressed that decoupling from China's economy would be disastrous for both nations and destabilising for the global economy.
Yellen also raised concerns about China's unfair economic practices and recent coercive actions against US companies. She underscored the need for healthy economic competition that benefits both sides. "Healthy economic competition is only sustainable if it benefits both sides," she said.
Additionally, discussions encompassed the issue of Russia's war in Ukraine, where Yellen stressed the importance of Chinese firms refraining from providing material support to Russia or evading sanctions.
While both sides downplayed expectations for immediate breakthroughs, Yellen's visit marked an essential step in building a resilient and productive channel of communication between the two countries. The trip followed Secretary of State Antony Blinken's visit to Beijing and preceded climate envoy John Kerry's forthcoming visit, indicating a concerted diplomatic effort by the US to engage with China.
Looking ahead, the possibility of a meeting between President Biden and President Xi looms, with potential opportunities at the Group of 20 summit in New Delhi or the Asia-Pacific Economic Cooperation gathering in San Francisco.
Yellen highlighted that no single visit can solve the challenges overnight, but the expectation is that her trip will contribute to fostering a stronger relationship and constructive dialogue with China's new economic team.
In conclusion, Yellen's visit to Beijing focused on the necessity of clear and direct communication to address the significant disagreements between the US and China. The objective was to foster cooperation, avoid economic decoupling, and establish a resilient channel of communication for mutual understanding and progress.
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