Treasury Secretary Janet Yellen’s concerns were continuing tensions between the two countries.
On Friday, Treasury Secretary Janet L. Yellen criticized the Chinese government’s harsh treatment of companies with foreign ties and its recent decision to impose export controls on certain critical minerals, suggesting that such actions justify the Biden administration’s efforts to make U.S. manufacturers less reliant on China.
Yellen’s four-day trip is her first to China as Treasury chief, and she is the second high-ranking U.S. official to visit recently after Secretary of State Antony Blinken last month.
The United States has blocklisted several Chinese companies to prevent them from accessing the most advanced chips while pushing its allies to follow suit.
Yellen on Friday stressed that Washington was not seeking a “wholesale separation of our economies.”
“Washington doesn’t support decoupling or disconnecting U.S. and Chinese industries and markets. Yellen will reiterate that message,” the official said on Thursday.
“We seek to diversify, not to decouple. A decoupling of the world’s two largest economies would destabilize the global economy,” Yellen told a meeting with representatives of U.S. businesses at a session hosted by the American Chamber of Commerce in Beijing.
Speaking to media persons on the condition of anonymity, the U.S. official said Yellen also planned to discuss ‘targeted action’ by Washington on trade due to national security or human rights concerns.
Her visit follows one by Secretary of State Antony Blinken, who met Xi last month in the highest-level U.S. visit to Beijing in five years. The two agreed to stabilize relations but failed to agree on improving communications between their militaries, PTI.
The latest flareup came after President Joe Biden called Xi a dictator. The Chinese government protested, but Biden said his blunt statements are “just not something I’m going to change very much.”
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