US Treasury Secretary Janet Yellen Visits China: Key Discussions on Economic Issues and Strategic Competition

2023-07-06 22:30:24

Delivery time2023-07-07 07:30

[앵커]

US Treasury Secretary Janet Yellen visited China yesterday (6th).

It seems that the economic issues of the two countries that affect the international economy will be discussed, and it is evaluated that it will be an important place to determine the direction of the strategic competition between the two countries that have increased tension.

This is reporter Han Mi-hee.

[기자]

U.S. Treasury Secretary Janet Yellen is expected to stay in China until the 9th and meet with key figures from China’s economic line one following another, including Prime Minister Lichang, Vice Premier Heipeng and Finance Minister Liu Kun.

Secretary Yellen is a former chairman of the Federal Reserve System, the head of the US central bank, and is evaluated as the de facto command tower of the US economy.

The two countries, which have been raising tensions over economic and security issues, agreed last month that US Secretary of State Tony Blincoln visited China to stabilize bilateral relations and continue high-level communication.

There are observations that during Yellen’s visit to China, there will be comprehensive discussions on economic issues between the two countries, such as the issue of high US tariffs with China, exchange rates, and reorganization of the high-tech industry supply chain.

<마오닝 / 중국 외교부 대변인(지난 4일)> “We believe that China-US economic and trade cooperation is essentially reciprocal. We hope that the United States will take concrete steps to create a favorable environment for the healthy development of both countries and realize mutual benefits.”

Yellen, who met with the Chinese ambassador to the United States prior to her visit to China, “conveyed the importance of cooperation between the two largest economies on macroeconomic and financial and other challenges of the international community,” the US Treasury said.

Following sanctions on US semiconductor company Micron in May, China decided to control exports of gallium and germanium, rare metals used in semiconductors, just before Yellen’s visit to China.

It is interpreted as an attempt to increase bargaining power by counteracting the US drive to control exports of semiconductor equipment to China.

While fierce push and pull is expected at the negotiating table during Minister Yellen’s visit to China, it is evaluated that it will be a turning point that will determine whether the competition and conflict between the two countries will intensify or enter a management phase.

This is Han Mi-hee from Yonhap News.

#Janet Yellen_Treasury Secretary #Visit to China #US-China_Strategic Competition

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