Janet Yellen says the talks between the US and China are a “step forward” in the relationship

[ad_1]

By Catherine Armstrong, BBC News

1 hour ago

Image source, Getty Images

photo caption,

Janet Yellen says talks with China on various issues have been “substantive and fruitful”

US Treasury Secretary Janet Yellen said her visit to Beijing represented a “step forward” in efforts to stabilize relations between the two countries.

Ms. Yellen spoke at the end of a four-day trip, during which talks were held on issues including climate change.

She described the talks as “direct, substantive and productive” and said both sides had learned more about each other.

However, she admitted that the United States and China still have “significant differences”.

“No single visit will solve our challenges overnight,” she said.

But this trip will help build a flexible and fruitful communication channel with the new Chinese economic team.

Relations between the United States and China have deteriorated in recent years. Issues dividing the country include human rights in Xinjiang and Hong Kong, territorial claims to Taiwan and the South China Sea and Beijing’s growing dominance over a range of industries.

Chinese Vice Premier He Lifeng, who was among those who met Yellen, said on Saturday he regretted that “unexpected incidents” – such as the dispute over a spy balloon – had damaged relations with the United States.

Ms. Yellen stressed the need for better communication to try to overcome these issues, adding that US President Zhou Bian “did not see the relationship between the United States and China through the framework of great power struggle.

“We believe the world is big enough for our two countries to thrive.”

On the issue of economic competition, Ms. Yellen said the United States has sought “a dynamic and healthy global economy that is open, free and fair, not segmented or forcing countries to take sides.”

She said any future restrictions on business with China would be implemented in a “transparent manner” and would focus on sectors where the United States had “specific national security concerns”.

The move follows Washington’s efforts last year to limit China’s access to some advanced computer chips.

Yellen said the United States will resist China’s “unfair economic practices”.

In response, China’s Ministry of Finance said that “the nature of economic and trade relations between China and the United States is mutually beneficial and win-win” and that there is no winner in a trade war.

On climate change, Ms. Yelin urged Beijing to work with the United States and support institutions such as the Green Climate Fund, which was set up to help developing countries adapt to climate change and reduce its impacts.

The Treasury secretary is the second senior Washington official to visit Beijing in the past two months.

His feelings at the end of his journey echoed those of Mrs. Yelin. He said that while there were still major issues between the two countries, he hoped they would have “better communication, better engagement moving forward.”

Despite the political tensions, trade between the two countries grew in 2022 for the third year in a row.

According to official figures, China exported more than $536bn (£422.3bn) of goods to the US last year, while $154bn of goods went the other way.

[ad_2]