U.S. Secretary of the Treasury Janet Yellen testifies earlier than the Senate Appropriations Subcommittee on Monetary Companies March 22, 2023 in Washington, DC.
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Treasury Secretary Janet Yellen will journey to Beijing this week to satisfy with senior Chinese language officers.
The Treasury stated Yellen is predicted to debate a lot of macroeconomic and monetary points, in addition to how the U.S. and China can “responsibly handle our relationship, talk immediately about areas of concern, and work collectively to deal with world challenges.”
A senior administration official advised reporters that the journey is meant to “to deepen and improve the frequency of communication between our nations shifting ahead and to stabilize the connection, keep away from miscommunication, and broaden collaboration the place we are able to.”
The official famous, nevertheless, that the Biden administration doesn’t count on vital breakthroughs throughout Yellen’s journey. Treasury stated it will present additional particulars on her journey at a later date.
Chinese language state broadcaster CCTV confirmed Yellen shall 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 advised reporters that Yellen’s go to will underscore these aims.
Nonetheless, Yellen had emphasised in April that the U.S. won’t hesitate to “defend our very important pursuits.” She famous, nevertheless, that these measures are “motivated solely by our issues about our safety and values” and never supposed 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 financial 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 supply know-how to China that could possibly be used in opposition to us.
— CNBC’s Evelyn Cheng contributed to this report.
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