Yellen in Beijing to strengthen China-US ties

(Beijing) U.S. Treasury Secretary Janet Yellen visited Beijing on Thursday, aiming to boost trade that has been fraught by the growing rivalry between the two leading world powers.

His flight landed in the Chinese capital shortly after 5 p.m. (5 a.m. Eastern time), the AFP journalist noted.

Tarmac, Yellen was welcomed by US Ambassador Nicholas Burns and Yang Yingming, a senior official at China’s Ministry of Finance.

The trip, scheduled for Sunday, is Janet Yellen’s first to China since taking office. It comes weeks after a similar visit by his colleague at the State Department, Anthony Blinken.

The visit was long planned but could not materialize after renewed tensions over the shooting down of a Chinese aircraft carrier over US territory.

The meeting is an opportunity to move forward with the idea of ​​a summit between the two countries, with US President Joe Biden insisting he hopes to meet his Chinese counterpart Xi Jinping soon.

According to the US Treasury, the two countries should expand exchange mechanisms, avoid mutual misunderstandings and expand cooperation on matters related to the global economy, global warming or the credit crisis in emerging and developing countries.

The meeting, which takes place against a backdrop of a difficult economic recovery on the Chinese side and rising rates on the US side, should allow both partners and rivals to gauge their growth prospects.

The truth is that Yellen “spends four days in Beijing against a backdrop of strong domestic and international pressure, underscoring the importance she places on the visit,” Asia Society vice president Wendy Cutler told AFP. (ASPI), a US-based think tank.

The visit makes it possible to lay the groundwork for future cooperation, Cutler.

Rethink the relationship

The visit is part of US efforts to “reassess” the relationship between the two superpowers, diplomatically and in other areas, according to Lindsey Gorman, a researcher at US think tank German Marshall Fund (GMF).

In the latest example to date, the White House is preparing to limit access to US cloud computing services to Chinese companies. Wall Street Journal Wednesday.

“We have to take into account the new reality of this strategic competition,” said Gorman said Janet Yellen has so far covered issues such as security and values, such as human rights, but only about competition.

He predicted that export control of technology products and competition measures that “dominate the political agenda at the moment” will be at the center of the discussions.

On Monday, China responded by announcing restrictions on exports of two rare metals needed to make semiconductors, a reminder that any potential change in relations will take time.

However, Lindsey Gorman believes that Janet Yellen could be the best person to set things straight.

Details of the planned meetings were not mentioned, but analysts are betting on an exchange with He Lifeng, the new Chinese vice premier appointed last March.

Tensions and cooperation

Economic issues continue to be the cause of tensions between the two countries, and after US President Joe Biden’s decision to limit the possibility of US investments in China when it is deemed sensitive.

According to the Treasury official, Washington is also concerned about “coercive measures and anti-competitive practices.”

Other areas of friction include recent changes to China’s anti-espionage law, which vaguely prohibits the exchange of information related to national security.

Other subjects, on the other hand, seem conducive to cooperation, starting with the excessive debt of third countries.

The United States has thus welcomed progress on Zambia’s debt, whose restructuring has been verified by creditors, first and foremost China after similar progress in Sri Lanka.

After accusing China of dragging its feet in the past, Washington is urging bilateral lenders to act quickly to prevent these debt problems from worsening.

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