Treasury Secretary Janet Yellen visited Beijing on Friday to meet with Chinese Premier Li Qiang and discuss economic collaboration between the two countries. Yellen urged the Chinese government to not let recent frustrations over US restrictions on processor chips disrupt efforts to mend relations. While Yellen will not be meeting with Chinese leader Xi Jinping, other senior US officials are expected to visit Beijing to encourage economic interaction.
During the meeting, Yellen defended US actions to deter Chinese access to advanced processor chips, citing national security concerns. She also criticized China's treatment of US companies. Yellen emphasized the importance of regular communication channels and healthy economic competition between the two nations. She stated that a fair set of rules would benefit both countries and that the US and China have a duty to cooperate on important global challenges.
Chinese Premier Li did not outline any potential changes in Chinese policies that may be perceived as tweaking the US and its partners around the world. The Chinese finance ministry called Yellen's visit a "concrete measure" to improve relations between President Xi Jinping and President Biden, which were initiated during a meeting last November. The ministry expressed hope that the US would take concrete actions to create a favorable environment for the healthy development of economic and trade relations.
In recent months, there have been tensions between the US and China, with accusations of hampering development and the announcement of controls on exports of metals used in making semiconductors and solar panels. However, both Yellen and Li expressed optimism about the future and the potential for improved conditions between the two countries.
Overall, Yellen's visit to Beijing aimed to address economic collaboration and mend relations between the US and China. While there are disagreements and challenges, both sides stressed the importance of communication, cooperation, and fair rules to benefit both countries and the world. The visit is seen as a step towards improving economic and trade relations between the two nations.