Speaking to reporters at the end of her trip to Beijing, Secretary Yellen described her meetings with senior Chinese officials during the visit as “substantive, candid and “productive” in helping to stabilize the often “fractious” bilateral relationship, as well as a step forward in the two countries’ efforts to put the US-China relationship on “a firmer footing.”

US Treasury Secretary Janet Yellen (left) and Chinese Vice Premier He Lapfeng in Beijing on July 8. Photo: AFP

She acknowledged that there are major disagreements between the US and China and that the two sides need to have “clear and direct” exchanges. She stated: “President Joe Biden and I do not view the relationship between the US and China through the lens of power conflict. We believe that the world is big enough for both countries to thrive.” According to her, the US and China “have an obligation to manage their bilateral relationship responsibly: to find ways to coexist and share global prosperity.”

Yellen also said the goal of the visit was to establish and deepen relationships with Chinese economic officials, reduce the risk of misunderstandings and pave the way for cooperation in areas such as climate change and debt. She reiterated that Washington does not seek to decouple from the Chinese economy, saying that this would be “disastrous for both countries and destabilizing for the world.” Yellen also stressed that the US wants to see an “open, free and fair economy.”

Yellen’s four-day visit to China is seen as an effort to ease tensions in areas of cooperation between the two countries. During a meeting with Chinese Premier Li Qiang during the visit, Yellen affirmed that the US is seeking healthy competition with China based on fair rules that benefit both countries. She hopes the visit will promote more frequent communication channels between the world’s two largest economies, and said that both the US and China have a duty to “show leadership” in dealing with global challenges such as climate change.

VNA