The U.S. Seeks Economic Cooperation with China

On Saturday, the U.S. Treasury Secretary met with China's Vice Premier, calling for closer cooperation between Washington and Beijing to improve economic policymaking and to involve this economic power in global initiatives to assist poorer countries in combating climate change. Janet Yellen, during her meeting with He Lifeng, stated that despite bilateral tensions, the unprecedented increase in trade between the two countries over the past year indicates that there is ample room for trade and investment cooperation. The U.S. Treasury Secretary's visit to China is the latest effort by Washington to improve relations with the world's two economic superpowers, which have soured over issues such as Taiwan, Beijing's ambitions in the South China Sea, and trade matters. Yellen's trip, like Secretary of State Antony Blinken's visit last month, aims to find a balance between establishing reconciliation and maintaining pressure on Beijing to halt practices that Washington believes harm American and Western companies. Yellen told He, 'In the midst of a complex outlook for the global economy, there is an urgent need for close communication and consultation between the two largest economies in the world regarding our responses to various challenges.' According to her, such actions would lead to a better understanding of the economic outlook and improved decision-making aimed at strengthening the economies of both sides. The U.S. Treasury Secretary noted that U.S.-China relations are rooted in strong connections between the peoples of the two countries. Concurrently, as the U.S. intensifies its efforts to improve relations with China, Beijing has repeatedly called on Washington to align its actions with its words, particularly regarding U.S. measures to limit China's access to technologies, including semiconductors. Beijing has also opposed the resumption of bilateral military relations. Despite widespread differences, statistics indicate strong trade relations between the two countries, with the value of trade between Washington and Beijing reaching $690 billion last year. The U.S. Treasury Secretary met and discussed with six female economists in Beijing. The U.S. has urged its citizens to reconsider travel to China. Hong Kong police have offered rewards for the arrest of eight pro-democracy activists. The U.S. rejected China's requests to lift sanctions.