US Treasury Secretary Janet Yellen will visit China Thursday through Sunday, where she will meet with Chinese officials.
During his visit to Beijing, the Treasury Secretary will discuss with members of the government the importance of “the two countries managing their relationship responsibly as the world’s two leading economies,” according to a US Treasury Department statement.
Similarly, Yellen intends to emphasize the need for “direct communication on problem areas and working to solve global problems,” according to Agence France Presse.
“We do not expect any significant breakthrough in relations between the two countries during this trip,” a spokesman for the Finance Ministry said.
“However, we look forward to constructive discussions and establishing channels of communication in the long term” with China, the official added.
In April, the Treasury secretary detailed the principles that underpin US economic relations with China. The United States government seeks primarily “to protect its own national security interests, as well as the interests of its allies.” He also intends to “protect human rights through targeted actions not aimed at obtaining economic gain.”
The United States also wants to establish a “healthy economic relationship with China that will promote growth and innovation” in both countries.
The Joe Biden government wants to “cooperate on pressing global issues like climate change and debt relief” for developing countries.
Diplomatic and economic relations between the two countries have been deteriorating since the days of former Republican President Donald Trump.
And in November, US President Joe Biden met with his Chinese counterpart Xi Jinping for the first time to ease tensions.
In mid-June, US Secretary of State Anthony Blinken traveled to Beijing, where he was received by the Chinese president, a meeting that was interpreted as a diplomatic move.
But at a campaign rally in California in late June, Biden called his Chinese counterpart a “dictator,” in what Beijing called a “provocation.”
Last year, the Biden administration imposed restrictions on the export of American semiconductors and technology components to China. Prior to that, it maintained Trump-imposed tariffs on goods exported by China to the United States.
“During this visit, we want to deepen and increase the pace of contacts between our two countries, stabilize relations to avoid misunderstandings, and expand our cooperation where possible,” a finance ministry spokesman said.
Yellen also intends to brief Chinese authorities on “concerns” raised by a new anti-espionage law that went into effect on Saturday in China, the official said.
The text gives the Chinese government more freedom to deal with any threat to national security, raising concerns among foreign companies operating in China.
The finance minister and her team want to “better understand how China intends to implement this law.”
