Yellen returns from Beijing, says US, China want to ‘stabilize’ relations
Yellen said US, China want to 'stabilize' economic ties with ''candor,' 'respect'
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Treasury Secretary Janet Yellen believes the U.S. and China are ready to work together and stabilize economic ties through "candor" and "respect."
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Yellen told American Public Media's Marketplace before leaving Beijing on Sunday that her visit was a success, saying both sides discussed "significant disagreements."
Treasury Secretary Janet Yellen attends a meeting with Chinese Vice Premier He Lifeng at the Diaoyutai State Guesthouse in Beijing on July 8, 2023. (Pedro Pardo/Pool via Reuters / Reuters Photos)
"There are challenges, but I believe there is a desire on both sides to stabilize the relationship and to constructively address problems that each of us see in our relationship, to do so frankly, with candor, with respect, and to build a productive relationship going forward," she said.
Treasury Secretary Janet Yellen shakes hands with China's Vice Premier He Lifeng during their meeting in Beijing, Saturday, July 8, 2023. (Pedro Pardo/Pool Photo via AP / AP Newsroom)
Yellen also said export controls made by the U.S. on China were motivated by national security concerns and to diversify supply chains, not to gain unfair economic advantage.
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"I spent many hours with my counterpart going through in detail our concerns and addressing them and making clear that they have an open channel of communication," Yellen said.
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Both sides, she said, agreed to "maintain open channels of communication and deepen our discussion of concerns that one another have."
Yellen also noted that the U.S. and China would have roughly $700 billion in trade this year, while calling America’s bilateral relationship with China one of the most important economic and financial relationships the U.S. has in the world.
Yellen's trip followed Secretary of State Antony Blinken’s visit in June, which was the first visit by a top diplomat during the Biden presidency. Climate envoy John Kerry is expected to visit China this month.
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Reuters contributed to this report.