December 11, 2023

U.S. Treasury Secretary Janet Yellen arrived in Beijing on July 7 for a four-day visit aimed at finding common ground for a mutually beneficial economic relationship between the world’s two largest economies.

Kevin Ditch | Getty Images News | Getty Images

U.S. Treasury Secretary Janet Yellen arrived in Beijing on Thursday for a four-day visit aimed at finding common ground as the rivalry between the U.S. and China has become increasingly hostile.

Yellen’s trip marks a deepening thaw in U.S.-China relations, weeks after U.S. Secretary of State Anthony Blinken visited Beijing last month, the first high-level meeting after months of tension between the two countries.

“Both sides are basically talking, trying to find a strategic space for both to operate, and that would be really good for the rest of the world,” Andrew Sheng, a distinguished fellow at the Asia Global Institute at the University of Hong Kong, told CNBC on Thursday.

Chief Advisor to the China Banking Regulatory Commission: Although China and the United States are competitors, they are looking for a

Yellen’s visit comes days after China abruptly imposed export restrictions on chipmaking metals and their compounds, escalating Beijing’s technology war with the U.S. and Europe.

Before leaving for China, Yellen had a “frank and productive discussion” with China’s ambassador to the United States, Xie Feng. According to the U.S. Department of the Treasury.

“While in Beijing, Secretary Yellen will discuss with (People’s Republic of China) officials the importance of our two countries, as the world’s two largest economies, responsibly managing our relationship, communicating directly on areas of concern, and working together to address global challenges. sex,” Ministry of Finance sunday said.

In a speech in AprilYellen emphasized the importance of fairness in the U.S. economic competition with China.

she outlines three economic priorities Sino-US relations: ensuring national security interests, protecting human rights, promoting mutually beneficial growth, and cooperating to address global challenges such as climate change and debt distress.

A senior administration official told reporters Sunday that Yellen’s visit would underscore those goals.

“We are not seeking to decouple our economies,” the official said. “A complete cessation of trade and investment would destabilize our two countries and the global economy.”