Yellen bats for close communication

United States Treasury Secretary Janet Yellen on Saturday lobbied for closer communications between China and the US in order to improve economic decision-making, challenging Beijing to join global initiatives to help poorer nations address climate change.
Despite bilateral tensions, trade last between the countries was at a record-high last year, indicating that there was “ample room” to engage in trade and investments, Yellen told Chinese Vice Premier He Lifeng. In a meeting that last over three hours, she also said that it was critical to focus on areas of common interest and address disagreements through dialogue. The Treasury Secretary’s visit that will last through Sunday is Washington’s latest attempt to repair ties between the two superpowers, which have been battered over issues ranging from Taiwan’s sovereignty to technology. This has also drawn their allies into the rivalry, impacting companies and trade ties. Similar to US Secretary of State Antony Blinken’s approach, Yellen is seeking a delicate balance between reconciliation and continuing to push Beijing to halt practices Washington says are harmful to both the US and Western companies. Blinken visited China last month—his first in President Joe Biden’s tenure. While the dialogue has been hailed as a chance for candid, face-to-face diplomacy, both sides have downplayed expectations for breakthroughs. “Amid a complicated global economic outlook, there is a pressing need for the two largest economies to closely communicate and exchange views on our responses to various challenges,” Yellen told He.
Doing so could “help both sides more fully understand the global economic outlook and make better decisions to strengthen our economies”, she said. At the same time, Yellen said Washington wanted to ensure “healthy competition with a fair set of rules” that would benefit both parties. As the US seeks to re-engage, Beijing has repeatedly told Washington to match words with action, pointing to continued US moves to curb Chinese access to technologies including semiconductors. Beijing has also refused to resume bilateral military ties, while tariffs imposed on Chinese products during a trade war under Biden’s predecessor, Donald Trump, remain intact. China, before Yellen’s arrival, abruptly announced export controls on two metals widely used in semiconductors and electric vehicles in the name of protecting its national security and
interests.