Treasury Secretary Janet Yellen travels to China today, as the US works to fix relations with Beijing amid military tensions.
Janet Yellen Goes To China
Treasury Secretary Janet Yellen’s trip to Beijing beginning today aims to “deepen communication” between the U.S. and the People’s Republic of China, but it also comes at a time of growing tension between the two countries over technology.
According to the New York Times, the Treasury secretary will need to defend export controls and tariffs while explaining that the United States does not aim to harm China’s economy.
“While in Beijing, Secretary Yellen will discuss with [Chinese] officials the importance for our countries – as the world’s two largest economies – to responsibly manage our relationship, communicate directly about areas of concern, and work together to address global challenges,” the U.S. Treasury said in a statement announcing her trip this week.
Yellen’s trip follows President Joe Biden’s “directive after his meeting with President Xi last November to deepen communication between the US and the PRC on a range of issues, including on the global macroeconomy and financial developments,” the Treasury Department said in a statement on Sunday.
Yellen also said that for the sake of global stability, the United States and China should cooperate “on the urgent global challenges of our day.”
Chinese Counter-Espionage Law To Be “Discussed”
Officials said Yellen plans to discuss U.S. concerns about a new Chinese counter-espionage law.
According to China Law Translate, the Chinese Counter-Espionage Law is “formulated on the basis of the Constitution so as to strengthen counter-espionage efforts, to prevent, stop and punish acts of espionage, to preserve national security, and to protect the people’s interests.”
The law was to take effect on July 1, 2023.
Yellen Met With China’s Ambassador Prior to Trip to Beijing
U.S. Treasury Secretary Janet Yellen met with China’s Ambassador to the United States Xie Feng on Monday.
In Yellen’s talks with Xie, the Treasury Department said, Yellen “raised issues of concern while also conveying the importance of the two largest economies working together on global challenges, including on macroeconomic and financial issues.”
On Friday, Yellen will meet with her former counterpart Liu He, the Treasury official said, and participate in a dinner hosted by former People’s Bank of China governor Zhou Xiaochuan.
She will also meet with representatives of US firms conducting business in China.
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