U.S. Treasury Secretary Meets with Six Women Economists in Beijing

Janet Yellen, the U.S. Treasury Secretary and a pioneer in economics, met with six women economists in Beijing on Saturday, July 8, after engaging with predominantly male leaders of the Chinese government, aiming to emphasize gender diversity. A senior U.S. Treasury official stated that the luncheon with Chinese economists provided Yellen, the first woman to head the Federal Reserve, an opportunity to interact with 'a number of individuals outside the normal policy framework.' During Xi Jinping's decade-long presidency as General Secretary of the Communist Party, the number of women in politics and senior government roles has decreased, and gender gaps in the workforce have widened, with the government emphasizing more traditional roles for women. A June report from the United Nations urged China to adopt legal quotas and a gender equality system to enhance women's representation in government. The Committee on the Elimination of Discrimination against Women at the UN found that women's share in the representatives of the 14th National People's Congress of China was 'just over 26 percent.' Women have also had no representatives in the 24-member Politburo of the Communist Party for the first time in 20 years since October. A recent study indicated that China is lagging in women's presence in top industry roles, while a report from the Center for Women at Rutgers University states that one-quarter of the U.S. Senate and 28.7 percent of the House of Representatives seats are held by women. Bain & Company and Spencer Stuart announced in March that only 19 percent of top executives in China are women, compared to an average of 25 percent in leading countries. Janet Yellen also highlighted that the U.S. and China, as two major world economies, must cooperate to combat the 'existential threat' of climate change. She referred to previous U.S.-China collaborations on climate issues, which led to global advancements like the Paris Agreement in 2015, and added that both governments aim to support emerging markets and developing countries in achieving their climate goals. Yellen, the first woman to lead the U.S. Treasury, has made the participation and importance of women in the economy a focal point during her tenure. She frequently meets with women economists and entrepreneurs during her travels and welcomes the benefits of increased women's participation in the workforce and leadership. Janet Yellen arrived in Beijing on Thursday, July 6, to meet with Chinese officials to address the strained relations between the two countries. The Treasury Secretary tweeted, 'I am pleased to be in Beijing to meet with Chinese officials and business leaders. We seek healthy economic competition that benefits American workers and companies.' Prior to this trip, U.S. Treasury officials announced that Yellen would discuss global economic stability and challenge China's support for Russia in the war against Ukraine with Chinese officials. Secretary of State Antony Blinken also visited Beijing last month. This was the first visit by a senior U.S. official to China in five years, during which the U.S. and China agreed to reduce the intensity of their competition to avoid conflict. Following the Secretary of State, the Treasury Secretary also travels to China to strengthen relations.