U.S. Treasury Secretary Describes Talks with Chinese Officials as Constructive

U.S. Treasury Secretary Janet Yellen, at the end of her four-day trip to Beijing, stated that her 10 hours of meetings and discussions with senior Chinese officials in recent days were "honest" and "constructive." According to Reuters, before leaving China on Sunday, she noted that the United States and China have several areas of disagreement. However, she expressed confidence that her meetings in China were beneficial for the relationship between the two countries. In a press conference at the U.S. Embassy in Beijing, Yellen referred to Washington's concerns about what she called "unfair economic practices" and recent punitive actions by China against American companies, stating, "The United States and China have significant differences." Yellen emphasized, "President Biden and I do not view the U.S.-China relationship through the lens of great power conflict. We believe the world is big enough for our countries to thrive." Washington is attempting to repair relations between the two largest economies in the world at a time when U.S.-China relations are at a low point over national security issues, such as Taiwan, the U.S. export ban on advanced technologies to China, and China's industrial policies. Last month, U.S. Secretary of State Antony Blinken visited Beijing, marking the first visit by a senior U.S. diplomat during Biden's presidency. John Kerry, the U.S. climate envoy, is also expected to visit this month. U.S. diplomatic efforts regarding China come as Biden and Chinese President Xi Jinping are expected to meet at the G20 summit in New Delhi in September or at the Asia-Pacific Economic Cooperation summit scheduled for November in San Francisco. Yellen stated that her trip to China aimed to establish and deepen relations with China's new economic team, reduce the risk of misunderstandings, and pave the way for cooperation in areas such as climate change and debt issues. A senior Treasury official also mentioned that, as expected before the trip, Yellen's visit to China did not lead to any breakthroughs in specific policymaking. This official noted that Chinese officials expressed concern about an executive order in the U.S. expected to limit investment in China, but the U.S. assured that such an order would be limited in scope and implemented transparently, allowing for public input before its execution. The Biden administration has formed a global coalition to combat fentanyl and has called for economic cooperation with China.