In an effort to stabilize relations, Treasury Secretary Janet Yellen told Chinese Premier Li Qiang on Friday that the United States is not intent on “winner-take-all” competition.
This is a fourth trip of Yellen as a treasury chief of US. Her Forth day trip is In China, with which the United States is butting heads over trade curbs, human rights, and a litany of other disputes.
But Washington is making efforts to cool things down. On Friday, Yellen underscored to Li that the US does not desire an economic confrontation.
She told Li in Beijing’s Great Hall of the People, “We seek healthy financial competition that is not winner-take-all but that, with a fair set of rules, can benefit both countries over time.
By limiting China access to the latest technologies deemed crucial to Washington’s national security, the United States claims it is attempting to “de-risk” from China.
Premier Li received a message from Yellen in which she highlighted that although Washington might “in certain circumstances, need to pursue targeted actions to protect its national security,” relations should not be affected.
In these cases, “we might disagree,” she said.
We should avoid misunderstandings that unnecessarily harm our bilateral economic and financial relations from arising from any differences.
Just a few days before Yellen’s arrival, Beijing disclosed new export restrictions on metals essential to the production of semiconductors for reasons of national security, highlighting the challenges.
American businesspeople were informed by the Treasury secretary on Friday that Washington was “concerned” about the limitations.
She stressed that Washington was not aiming for a “wholesale separation of our economies” during her visit.
Yellen stated during a meeting with members of US business at a conference held by the American Chamber of Commerce in the capital that “a decoupling of the world’s two largest economies would be destabilizing for the global economy.”
‘We can see a rainbow’
Even after tension, Beijing has expressed positiveness on the visit.
On Friday, Premier Li told Yellen that China could see the relationship improving after a difficult period.
We spotted a rainbow yesterday when Yellen landed at our airport and got off the plane, Li added.
“I believe it also applies to the US-China relationship: we surely can see a rainbow after experiencing a round of winds and rains.”
Analysts predicted that relations might improve as a result of Yellen’s visit.
The visit may have “positive implications” for US-China ties, according to Chen Dingding, the president of the Guangzhou-based think tank Intellisia Institute, who spoke to AFP.
“A small step towards better Sino-US relations would be a big step for the world and the world economy,” said Lyu Xiang, a subject matter specialist at the Chinese Academy of Social Sciences.
“This would have a very significant impact.”
‘We’re talking’
The United States expects for open and fruitful discussions that can set the way for future negotiations rather than expecting any concrete policy breakthroughs at this meeting, a Treasury official told reporters.
But they said, “It’s even more important that we’re talking, especially if they’re things that we might disagree about.”
Yellen met with Michael Hart, president of the American Chamber of Commerce in China, on Friday. Hart told AFP: “We’re hoping that she would set the tone.”
He continued, “The hope is that there would be more visits after her visit.”
Tensions soared earlier this year when the United States detected and then shot down what it said was a Chinese spy balloon after the craft traversed its territory.
Because of the incident, Secretary of State Antony Blinken cancelled his visit to China; but he travelled there in June.
Both sides agreed on the necessity of stabilizing their relationship on that trip.
