BEIJING: US Treasury Secretary Janet Yellen arrived in Beijing on Thursday for meetings with Chinese leaders, aiming to address the strained relations between the two countries caused by disputes over security, technology, and other contentious issues.
Yellen’s visit focuses on stabilizing the global economy and addressing concerns regarding Chinese support for Russia during its invasion of Ukraine, according to Treasury officials in Washington. The discussions aim to revive relations and find common ground on various issues.
During her stay, Yellen is expected to meet with Chinese officials, American businesspeople, and members of the public. However, no specific details of these meetings have been provided, and it has been clarified that Yellen will not be meeting Chinese leader Xi Jinping.
Yellen’s visit follows Secretary of State Antony Blinken’s meeting with President Xi last month, which marked the highest-level US visit to Beijing in five years. The discussions between Blinken and Xi aimed to stabilize relations but did not result in a consensus on improving military communications.
Economic Decoupling Between US and China
Yellen has previously expressed her opposition to economic decoupling between the US and China, stressing the need for the two countries to find ways to coexist despite their differences. Concerns have been raised that the tightening controls on trade in sensitive technology and goods could lead to separate markets, hindering innovation and economic growth.
The recent strain in relations between the US and China intensified after President Joe Biden referred to Xi as a dictator. While China protested, Biden maintained that his frank statements about China would not significantly change.
The disputes between the two nations include technology, security, China’s assertive foreign policy, and conflicting claims in the South China Sea and other territories. The US has tightened restrictions on Chinese access to processor chips and other technology on security grounds, following the measures imposed by former President Donald Trump.
Tensions escalated earlier this year when a Chinese surveillance balloon flew over the United States and was subsequently shot down. In response to US technology controls, Beijing recently announced unspecified restrictions on the export of gallium and germanium, metals used in the production of semiconductors, solar panels, missiles, and radar.
