Navigating the Thaw: U.S. Treasury Secretary Yellen's Priorities for U.S.-China Relations

In her address at a dinner hosted by the U.S.-China Business Council, U.S. Treasury Secretary Janet Yellen emphasized her commitment to thawing the icy relations between the United States and China. Yellen stated that the less headline-grabbing effort of stabilizing the relationship and averting escalation is crucial for the safety and security of both economies and their people, as well as for the global community.

Highlighting the need for increased collaboration, especially in the context of climate change, Yellen outlined her priorities for fostering a responsible management of the U.S.-China relationship. She acknowledged the existing disagreements between the two nations and the associated risks that could have widespread impacts.

Yellen expressed her intention to make a second visit to China as Treasury Secretary, emphasizing the importance of understanding China's economic decisions and plans, given its substantial role in the global economy. Noting that China constitutes nearly 20% of the world economy, she underscored the far-reaching consequences of China's economic policies.

Referencing the recent meeting between Chinese President Xi Jinping and U.S. President Joe Biden, where both leaders pledged to mitigate tensions between their nations, Yellen reaffirmed the commitment to addressing domestic challenges while maintaining a stable relationship. Despite acknowledging the disparities in economic policies, she emphasized the need for the U.S. to continue pressing China on matters such as economic policies and decision-making.

Yellen specifically pointed out the significance of comprehending China's response to challenges in areas such as local government debt and the real estate market, as well as its reactions to unexpected economic weaknesses. This understanding, she argued, is crucial for U.S. policymakers in navigating their own economic strategies.

In light of China's extensive policy support injected into its economy, Yellen noted the ongoing challenges in achieving the desired economic sentiment post-Covid recovery. As China's economic decisions hold implications for the global landscape, Yellen emphasized the importance of continued dialogue and engagement between the two economic powerhouses.


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