April 15, 2024

America Secretary of the Treasury, Janet L. Yellen, will journey to Beijing, capital of the Folks’s Republic of China, from July 6 to 9 to satisfy with senior Chinese language officers, the Treasury introduced this Sunday by way of an announcement. Yellen’s first go to to China is the second by a member of US President Joe Biden’s cupboard in as few weeks. The earlier go to, by Secretary of State Antony Blinken, was optimistic, however was overshadowed by Biden’s phrases when referring to Chinese language President Xi Jinping as a dictator.

“Secretary Yellen’s journey follows President Biden’s directive, following his assembly with President Xi final November, to deepen communication between the US and the Folks’s Republic of China (PRC) on quite a few points, together with international macroeconomics. and monetary developments”, the Treasury has indicated in its assertion.

Whereas in Beijing, Yellen will talk about with PRC officers the significance of each nations, because the world’s two largest economies, “responsibly managing” their relationship, speaking immediately on areas of concern and dealing collectively to handle international challenges. , signifies the Treasury.

The connection deteriorated additional when a Chinese language balloon flew over the nation till it was shot down over Atlantic waters. America has additionally imposed restrictions on the export of vital applied sciences to China, similar to high-powered microprocessors, to forestall their use for army functions, amongst different functions. That expertise is prime to synthetic intelligence and robotics. The origin of the covid and different points have additionally generated discomfort within the face of the local weather of distrust that governs the connection between the 2 nations.

Along with the geopolitical rivalry, there’s the financial competitors. America has inspired investments in its personal territory in order to not be depending on the surface within the provide chain. In a few of the packages, it requires home manufacturing and particularly bans sure merchandise from China.

In a speech final April, Yellen laid out the three guiding rules of the US financial relationship with China. “First, we search to safe our nationwide safety pursuits together with these of our allies and shield human rights by way of focused actions that aren’t meant to acquire financial benefit. Second, we search a wholesome financial relationship with China that fosters mutually useful progress and innovation and expands financial alternative for American staff and companies. Lastly, we additionally search to cooperate on pressing international challenges similar to local weather change and the debt disaster,” the Treasury concludes in its announcement.

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