US Treasury Secretary Janet Yellen insisted on Friday on the importance of restoring “healthy economic relations” between the United States and China, while raising issues of tension such as arms sales to Russia by Chinese companies.
Joe Biden’s Minister of Economy and Finance met Thursday and Friday with Chinese Vice Prime Minister He Lifeng in San Francisco, within the framework of the Asia-Pacific Economic Cooperation (Apec) summit, which is being held in the Californian city on 12 to November 18.
The two countries, which maintain tense relations, have been trying to reconnect for several months through diplomatic visits. “Nothing can replace personal diplomacy,” stressed Janet Yellen, celebrating having had “frank, direct and productive” exchanges and “having had the opportunity to interact with the Deputy Prime Minister on a more personal level.”
Tension issues
She announced that she herself would visit China again in 2024, at the leader’s invitation. She had already been there at the beginning of July. The White House, for its part, announced on Friday that Joe Biden will meet with his Chinese counterpart Xi Jinping on Wednesday, November 15 in the San Francisco region, with the aim of “responsibly managing the rivalry” between Washington and Beijing.
From Taiwan to protectionist measures, there are many areas of tension. The US government is particularly “concerned that equipment essential to Russia’s military effort is escaping (US) sanctions and being delivered to Russia,” Yellen said.
“We have evidence that some Chinese companies – and I’m certainly not saying that the Chinese government knows this – could be helping to get this equipment and material to Russia, and that some financial institutions could be involved in facilitating this delivery.” she noted. In the absence of action from Beijing, she added, the United States is willing to “impose new sanctions.”
“National security”
The minister recalled once again that her country does not seek to “decouple” economically from China, “which would be detrimental” to both countries and “destabilize the world.” But “for healthy economic relations, American workers and businesses must be treated fairly,” she continued.
The two powers closely control the exports and investments of both sides in critical sectors, such as essential components for electronic chips or the most advanced technologies, including artificial intelligence, in particular in the name of “national security.”
Source: BFM TV
