In a significant meeting between high-ranking officials, Secretary of the Treasury Janet L. Yellen addressed Vice Premier He Lifeng of the People’s Republic of China in Beijing. The purpose of the meeting was to strengthen communication and collaboration on macroeconomic and financial stability, following the guidance set by Presidents Biden and Xi during their first in-person meeting last year.
Against the backdrop of a complex global economic outlook, Secretary Yellen emphasized the importance of close communication and the exchange of views between the world’s two largest economies. By sharing insights and perspectives, both sides can develop a deeper understanding of the global economic landscape and make informed decisions to fortify their respective economies.
Secretary Yellen expressed her belief in fostering a relationship of healthy economic competition between the United States and China. She emphasized the importance of fair rules that benefit both countries over time, while addressing specific economic practices of concern through direct communication channels.
The Secretary also highlighted the vast potential for uncontroversial interactions between the two economies, citing the record-breaking bilateral trade in 2022 despite recent tensions. This indicates ample opportunities for firms from both nations to engage in mutually beneficial trade and investment activities.
Additionally, Secretary Yellen underscored the need for collaboration on global challenges, particularly in addressing debt distress faced by emerging markets and developing countries, as well as the urgent issue of climate change. Recognizing their duty to both their own nations and the international community, the United States and China share a responsibility to cooperate on these pressing issues.
Lastly, Secretary Yellen assured that while the United States would take targeted actions to protect its national security, it is crucial to avoid misunderstandings and unnecessary strains in the bilateral economic and financial relationship. Open and effective communication is vital to maintaining a constructive dialogue between the two nations.
The meeting between Secretary Yellen and Vice Premier He Lifeng sets a positive tone for continued engagement and cooperation, promoting understanding, addressing concerns, and finding common ground in the interest of both nations and global economic stability.