Yellen: 'A growing China that plays by international rules' is 'good for the US'
Treasury Secretary Janet Yellen says economic competition and mutual cooperation would be good for US, China
Chinese growth on the world stage is good for the United States as long as the ruling Communist Party "plays by international rules," Secretary of the Treasury Janet Yellen said this week.
Yellen made the comments Friday during an interview with Bloomberg TV in Niigata, Japan.
"We seek a healthy economic relationship with China, one that fosters growth and innovation in both countries," Yellen told the outlet. "A growing China that plays by international rules is good for the United States and the world."
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Treasury Secretary Janet Yellen testifies before the Senate Finance Committee about President Biden's proposed budget request for fiscal year 2024 on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin / AP Newsroom)
The secretary called the economic benefits of competition between the two world powers desirable but only if kept "sustainable" through cooperation.
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"Both countries can benefit from healthy competition in the economic sphere. But healthy economic competition — where both sides benefit — is only sustainable if that competition is fair," Yellen said.
China's Vice Premier He Lifeng delivers a video speech at the opening ceremony of the third China International Consumer Products Expo in Haikou, capital of south China's Hainan Province, April 10, 2023. (Li Xin/Xinhua via Getty Images / Getty Images)
Yellen was in Niigata for a meeting of financial leaders representing the Group of Seven, an informal coalition of the world's most economically powerful nations.
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Janet Yellen, U.S. Treasury secretary, during a news conference at the Treasury Department in Washington, D.C., April 11, 2023. (Eric Lee/Bloomberg via Getty Images / Getty Images)
In the same interview, the Treasury Department chief was asked if she has met with her newest Chinese counterpart, Vice Premier He Lifeng.
"I haven’t had contact yet with my new counterpart," she said. "I expect to travel there. I can’t tell you what the date is. We have a number of senior American officials that are likely to go, and we need to sequence them appropriately."