{"id":33378,"date":"2023-07-09T15:43:32","date_gmt":"2023-07-09T19:43:32","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/yellen-progress-in-u-s-china-ties-despite-disagreements\/"},"modified":"2023-07-09T15:43:33","modified_gmt":"2023-07-09T19:43:33","slug":"yellen-progress-in-u-s-china-ties-despite-disagreements","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=33378","title":{"rendered":"Yellen: Progress in U.S.-China Ties Despite Disagreements"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000687873\">\n<p>Treasury Secretary Janet Yellen wrapped up her weekend trip to China on Sunday, telling reporters her discussions with counterparts there were \u201cproductive\u201d and had put U.S.-China relations on \u201csurer footing,\u201d though differences remain.<\/p>\n<p>Yellen said the U.S. is \u201cnot seeking to decouple\u201d its economy from China\u2019s, but wants greater transparency, fewer misunderstandings, and more open communication going forward.<\/p>\n<div class=\"paywall\">\n<p>She also agreed that Washington will listen to Chinese complaints about security-related curbs on U.S. technology exports and their \u201cunintended consequences\u201d on China\u2019s technology and economy.<\/p>\n<p>China\u2019s leaders have said that some of the U.S.\u2019s trade measures are aimed at hurting its fledgling tech industries. The Chinese have objected to the Biden administration limiting access to processor chips, computing products, and other U.S. technology, citing national security, moves that also threaten to hamper the Communist Party\u2019s development of smartphones, artificial intelligence and other industries.  <\/p>\n<p>China has banned Chinese companies from buying products from American memory chip maker Micron Technology (ticker: MU). And three days before Yellen\u2019s trip, China announced plans to restrict exports of gallium and germanium, two minerals that are critical to making semiconductors and solar panels. <\/p>\n<p>China is the world\u2019s largest source of both materials. \u201cThe U.S. and China have significant disagreements,\u201d Yellen told reporters during a press conference at the U.S. embassy in Beijing. Washington is concerned about \u201cunfair economic practices.\u201d\u00a0<\/p>\n<p>A senior Treasury official who briefed reporters said the trip didn\u2019t result in specific policy breakthroughs, as expected, but was successful in \u201cre-establishing contact\u201d and building relationships, the Associated Press reported.<\/p>\n<p>Yellen said Chinese officials raised concerns about an expected Biden administration executive order restricting American investment in sensitive Chinese sectors, but she emphasized that any measures would be narrowly targeted.<\/p>\n<p>China\u2019s economy rebounded to 4.5% in the first quarter of 2023, from last year\u2019s 3% after antivirus controls on travel and business activity were lifted in December, but China\u2019s factory activity and consumer spending decelerated in the second quarter.<\/p>\n<p>\u201cAs the world\u2019s two largest economies, our nations collectively represent 40% of the global economy,\u201d Yellen said. The world is big enough for both countries to thrive in a mutually-beneficial economic relationship that supports growth and innovation, and share in global prosperity. <\/p>\n<p>Over 10 hours of meetings in two days, Yellen met with Premier Li Qiang, China\u2019s No. 2 leader, and her Chinese counterpart, Vice Premier He Lifeng, as well as with other senior officials, Chinese women economists, and U.S. businesses operating in China.<\/p>\n<p>\u201cThe decoupling of the world\u2019s two largest economies would be disastrous for both countries and destabilizing for the world, and it would be virtually impossible to undertake,\u201d she said. \u201cWe want a dynamic and healthy global economy that is open, free, and fair, not one that is fragmented, or forces countries to take sides.\u201d<\/p>\n<p>Yellen stressed the importance of ending Russia\u2019s war against Ukraine, and urged Chinese firms to avoid helping Russia with materials or evading global sanctions.<\/p>\n<p>She also discussed opportunities to \u201cmobilize private financing for climate action\u201d at a meeting with climate finance leaders in Beijing that the U.S. Treasury and People\u2019s Bank of China co-chaired. <\/p>\n<p>\u201cNo one visit will solve our challenges overnight, but I expect that this trip will help build a resilient and productive channel of communication with China\u2019s new economic team,\u201d she said.<\/p>\n<p>John Kerry, President Joe Biden\u2019s climate envoy, is scheduled to visit China next week to restart talks on global warming. China and the U.S. are the world\u2019s largest emitters of climate-changing carbon.<\/p>\n<p>Write to Janet H. Cho at janet.cho@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/yellen-progress-in-u-s-china-ties-despite-disagreements-99ddb2da?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen wrapped up her weekend trip to China on Sunday, telling reporters her discussions with counterparts there were \u201cproductive\u201d and had put U.S.-China relations on \u201csurer footing,\u201d though differences remain. Yellen said the U.S. is \u201cnot seeking to decouple\u201d its economy from China\u2019s, but wants greater transparency, fewer misunderstandings, and more open [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":33136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-33378","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yellen: Progress in U.S.-China Ties Despite Disagreements | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Treasury Secretary Janet Yellen wrapped up her weekend trip to China on Sunday, telling reporters her discussions with counterparts there were\" \/>\n<meta name=\"robots\" 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