U.S. Secretary of the Treasury Janet Yellen testifies earlier than the Senate Appropriations Subcommittee on Monetary Providers March 22, 2023 in Washington, DC.
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Treasury Secretary Janet Yellen will journey to Beijing this week to fulfill with senior Chinese language officers.
The Treasury stated Yellen is anticipated to debate quite a few macroeconomic and monetary points, in addition to how the U.S. and China can “responsibly handle our relationship, talk instantly about areas of concern, and work collectively to deal with world challenges.”
A senior administration official instructed reporters that the journey is meant to “to deepen and improve the frequency of communication between our nations transferring ahead and to stabilize the connection, keep away from miscommunication, and develop collaboration the place we are able to.”
The official famous, nonetheless, that the Biden administration doesn’t anticipate important breakthroughs throughout Yellen’s journey. Treasury stated it could present additional particulars on her journey at a later date.
Chinese language state broadcaster CCTV confirmed Yellen might be visiting from July 6-9.
In an April speech, Yellen outlined three financial priorities for the U.S.-China relationship: securing nationwide safety pursuits, fostering mutually useful development and cooperating on world challenges like local weather change and debt misery.
The senior administration official instructed reporters that Yellen’s go to will underscore these targets.
Nonetheless, Yellen had emphasised in April that the U.S. is not going to hesitate to “defend our important pursuits.” She famous, nonetheless, that these measures are “motivated solely by our issues about our safety and values” and never meant to “acquire aggressive financial benefit.”
The senior administration official reiterated that stance on Sunday, saying “We don’t search to decouple our economies, a full cessation of commerce and funding could be destabilizing for each of our nations and the worldwide economic system.”
Yellen’s journey comes simply weeks after Secretary of State Antony Blinken met with China’s President Xi Jinping in Beijing. Throughout his assembly, Blinken highlighted the significance of the financial relationship between the 2 nations. He famous the expansion of main economies like China is within the U.S. curiosity, however “it is not in our curiosity to offer expertise to China that might be used towards us.
— CNBC’s Evelyn Cheng contributed to this report.