US Bank Secretary Janet Yellen (R) arrives at Beijing Capital International Airport in Beijing on July 6, 2023.
Pedro Pardo | AFP | Getty Sculptures
Treasury Secretary Janet Yellen landed in Beijing Thursday on a four-day trip aimed at finding common dirt as rivalry between the U.S. and China becomes increasingly adversarial.
Yellen’s trip marks a deepening thaw in ties between the U.S. and China and influence weeks after Secretary of State Antony Blinken’s visit to Beijing in last month, which was the first high-level conjunction between the two countries after months of tensions.
“The two sides are basically talking, trying to find the strategic space for both sides to function, and this will be very good for the rest of the world,” Andrew Sheng, a distinguished fellow at the University of Hong Kong’s Asia Wide-ranging Institute, told CNBC Thursday.
Yellen’s trip comes just days after China abruptly insinuated export curbs on chipmaking metals and its compounds, escalating Beijing’s technological war with the U.S. and Europe.
Before departing for China, Yellen had a “free and productive discussion” with Xie Feng, the Chinese U.S. ambassador, according to the U.S. Treasury.
“While in Beijing, Secretary Yellen intention discuss with [People’s Republic of China] officials the importance for our countries — as the world’s two largest economies — to responsibly survive our relationship, communicate directly about areas of concern, and work together to address global challenges,” the Treasury Activity be contingent said Sunday.
In an April speech, Yellen stressed the importance of fairness in the U.S. economic competition with China.
She outlined three remunerative priorities for the U.S.-China relationship: securing national security interests and protecting human rights, fostering mutually effective growth and cooperating on global challenges like climate change and debt distress.
A senior administration official broadcasted reporters Sunday that Yellen’s visit will underscore these objectives.
“We do not seek to decouple our economies,” the stiff said. “A full cessation of trade and investment would be destabilizing for both of our countries and the global economy.”