Treasury Secretary Janet Yellen To Travel To China This Week

Treasury Secretary Janet Yellen will embark on a four-day crucial visit to Beijing this week for meetings with senior Chinese officials aiming to improve communication and economic relations between the two countries.

The Tresury chief is expected to meet with U.S. companies doing business in China during the visit, which begins on Thursday, reports say.

After his meeting with his Chinese counterpart Xi Jinping in November last year, President Joe Biden had directed to deepen communication between Washington and Beijing on a range of issues, including on the global macroeconomy and financial developments.

“While in Beijing, Secretary Yellen will discuss with PRC officials the importance for our countries – as the world’s two largest economies – to responsibly manage our relationship, communicate directly about areas of concern, and work together to address global challenges,” the U.S. Department of the Treasury said in a statement.

In an April speech, Secretary Yellen laid out three principles guiding the United States’ economic relationship with China.

First, Washington seeks to secure its national security interests along with those of its allies and to protect human rights through targeted actions that are not intended to gain economic advantage. Second, the U.S. seeks a healthy economic relationship with China that fosters mutually beneficial growth and innovation and expands economic opportunity for American workers and businesses. Finally, the Biden Administration also seeks to cooperate on urgent global challenges like climate change and debt distress.

“The United States proceeds with confidence in our long-term economic strength thanks to our historically strong recovery and the investments the Biden Administration is making in America’s productive capacity,” the Treasury said.

Additional details of Secretary Yellen’s travel will be announced later, it added.

Source: Read Full Article