2023-07-07 23:21:13
During her three-day trip to Beijing, US Treasury Secretary Janet Yellen – who met with Chinese Premier Li Qiang and former Chinese economic chief Liu He (who is widely considered a close confidant of Xi Jinping) – pledged to strengthen ties between the two countries that make up the two largest economies in the world.
The Yellens’ trip which will last 4 days (from yesterday) comes after the unsuccessful visit to Beijing by US Secretary of State Anthony Blinken, followed by the controversial remarks of President Biden, in which he referred to President Xi Jinping as “a dictator”.
The tension between the two countries was so that before the arrival of the US Treasury secretary, the Chinese authorities would have announced the introduction of export controls on a series of metals necessary for the production of semiconductors.
However, at least apparently, the statements made by Janet Yellen to Chinese officials testify to her willingness to reconcile with the Chinese leadership.
Here are the main points she focused on, as reported by the Friday Wall Street Journal:
• Condemnation of Chinese “bad faith” actions: Yellen raised her concerns about China’s recent “punitive” actions against US companies. These actions pose a threat to economic cooperation and must be addressed appropriately.
• Market reforms: During a meeting at the American Chamber of Commerce in China, Yellen stressed the importance of China implementing market reforms. This is a crucial step to promote fair economic competition and ensure mutual benefits over time.
• Fair economic competition: Yellen clarified that the United States does not seek a winner-takes-all fight with China, but rather wants to engage in fair economic competition that benefits both nations. This approach aims to stabilize bilateral relations and promote healthier cooperation.
• Stabilization of relationships: Yellen’s statements reflect her commitment to improve US-China relations after the tensions generated by President Biden’s remarks. The goal is to avoid further deterioration and promote stability in the bilateral relationship.
• Avoid misunderstandings: Despite disagreements on sensitive issues such as access to technology, Yellen stressed the importance of avoiding misunderstandings that could unnecessarily damage bilateral economic and financial ties. It is essential to strike a balance between protecting national security and promoting global economic cooperation.
• Optimism for the future: It is encouraging to note that Chinese Premier Li Qiang has been optimistic about the future of bilateral relations. Both sides hope for a period of greater cooperation after the difficulties encountered, paving the way for common solutions.
• Need for collaboration: At a time when trade and geopolitical tensions are high, Yellen stressed that the world needs the United States and China to work together to address common challenges. These challenges include climate change, cyber security and financial stability. Cooperation is fundamental to the global common good.
• Icommitment to a future of cooperation: Yellen’s trip to Beijing represents an important step toward better mutual understanding and greater commitment to a future of shared cooperation and prosperity between the United States and China. Both nations must translate words into concrete actions, working together to overcome challenges and build a better future for their citizens and for the whole world.
Considerations
From the Chinese point of view, it is extremely beneficial to maintain a stable relationship with the United States. China’s leadership recognizes the many benefits that can result from equitable economic and trade cooperation between the two nations. Janet Yellen’s attitude of trying to avoid a winner-takes-all mentality and promoting fair competition has been welcomed by China, which seeks to balance its national interests and broader global cooperation.
However, it is important to note that US policy can often be ambiguous, with different approaches emerging within the same government, as we can clearly see now. This situation poses challenges for China in managing interactions with the United States and in consistently interpreting policies and statements coming from Washington. For example, the recent formation of the Anglo-Saxon alliance AUKUS, aimed at countering Chinese influence, and efforts to encourage Taiwan to challenge China, as well as pressures on third countries to limit China’s trade (such as the Way of Silk) are particularly sensitive issues
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