US Treasury Secretary Janet Yellen and Chinese Premier Li Qiang Meet to Strengthen Bilateral Relationship
BEIJING (AP) — In a meeting Sunday, U.S. Treasury Secretary Janet Yellen stressed the importance of mutual cooperation and acknowledged the progress made in the U.S.-China relationship since her visit to China last year. Although major differences between the two nations persist, Yellen expressed confidence in stabilizing the bilateral ties.
Advancing the U.S.-China Relationship
While Yellen initially focused on trade and economic matters during her visit, her meeting with Chinese Premier Li Qiang broadened the discussion to encompass the overall U.S.-China relationship. The meeting took place in the historic Fujian room of the Great Hall of the People, symbolizing the cultural exchange between the two nations.
Since Presidents Joe Biden and Xi Jinping’s meeting in California, Yellen’s visit as the first Cabinet member signifies a concerted effort towards improving the complex U.S.-China relationship.
Shared Expectations and Global Influence
Chinese Premier Li Qiang expressed his appreciation for the significant media interest surrounding Yellen’s visit, emphasizing the high expectations to grow and elevate the U.S.-China relationship. As China emerges as an economic and military power, it faces increasing competition and rivalry with the United States.
Addressing Key Concerns
One major point of contention between the two nations has been China’s access to advanced technology, with the U.S. seeking to place restrictions due to perceived military implications. China, on the other hand, accuses the U.S. of limiting its economic progress. Yellen, addressing these concerns, conveyed the need to rectify trade practices that disadvantage American companies and workers.
Green Energy and International Cooperation
Chinese government subsidies and policy support have driven significant investment in the solar panel and electric vehicle sectors. However, Western nations worry that China’s excess production capacity could flood global markets and threaten domestic job markets. While Li underscored the importance of the green energy industry in combating climate change, producing a balance between market demands and international trade remains critical.
Intensive Exchanges and Cooperation
Following two days of extensive meetings with Chinese Vice Premier He Lifeng, a joint statement between the U.S. and China highlighted the agreement to foster intensive exchanges for balanced economic growth.
Furthermore, they agreed to initiate discussions on combating money laundering, positively indicating the willingness of both nations to collaborate in addressing global challenges.
Building on Fragile Stability
Past tensions, such as China cutting off talks with the U.S. in response to U.S. House Speaker Nancy Pelosi’s visit to Taiwan, have hindered progress. However, Yellen’s visit signifies an attempt to establish a more stable ground for future negotiations.
Important Visitors and Regional Dynamics
Yellen’s visit also overlapped with a visit by Russian Foreign Minister Sergey Lavrov, demonstrating China’s heightened trade relations with Russia. The United States, concerned about China’s military trade with Russia, seeks clarity regarding the usage of such items that possess military capabilities. Yellen expressed the importance of cooperation and the extent to which the U.S. and China have made progress on this issue.
Engagement on the Local Stage
Recognizing the essential role of local governments in China’s economic landscape, Yellen met with Beijing Mayor Yin Yong, stressing the importance of cooperation and emphasizing the need for communication at the local level. Understanding China’s economic future requires effective engagement with local governance.
Yellen’s visit also included a session with students and faculty at Peking University, further contributing to the exchange of ideas and understanding between the U.S. and China.
Source: Highly Respectable News Website
