2023-07-07 06:20:11
Yellen’s visit comes as US politicians call for a “decoupling” of the two economies to reduce Washington’s dependence on the giant Asian country, amid escalating geopolitical disputes.
This visit, which comes weeks following the visit of Secretary of State Anthony Blinken, falls within the framework of President Joe Biden’s administration’s desire to renew contact with Beijing, following three years of almost complete isolation of China due to the health crisis.
On her first trip to China since taking office in 2021, Yellen will hold Friday Prime Minister Li Qiang, who is especially responsible for his country’s economic issues.
A Treasury official said she was able to have a “genuine conversation” with her former counterpart, former vice premier Liu He, as well as outgoing Chinese central bank governor Yi Gang.
The source added that the conversation “dealt with global economic prospects and those of the United States and China, respectively.”
Another Treasury official said Thursday that the United States does not expect specific progress during this visit, but hopes for constructive exchanges that might pave the way for more concrete discussions.
“This trip is an opportunity to communicate and avoid communication errors or misunderstandings,” Yellen said.
Visits of the heads of major companies
The main sticking point concerns semiconductors, with restrictions imposed in recent months to cut off the supply of US technologies, including chips, to Chinese firms.
China, which seeks to become independent in this field, believes that these measures aim to impede its development and maintain American supremacy.
And in what is widely considered retaliation, Beijing announced Monday restrictions on exports of two rare metals essential for semiconductors, which are their main products.
Ironically, since the lifting of health restrictions at the beginning of the year, a number of heads of major US companies have visited China, including Apple Group CEO Tim Cook and Microsoft founder Bill Gates.
Gates was able to meet Chinese President Xi Jinping in his capacity as co-chair of the Bill & Melinda Gates Foundation.
Elon Musk also met with senior Chinese officials before heading to Shanghai to visit an assembly site for a giant factory that Tesla opened in 2019.
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