Yellen Hopes For “Direct Dialogue” Between USA and China

On the penultimate day of her visit to China (July 6-9), US Treasury Secretary Janet Yellen met in Beijing with influential Vice Premier He Lifeng, who was described by international media as “a key figure in China’s economic affairs.” According to Yellen, the US and China “should interact ‘directly’ when they have concerns about each other’s economic practices.”

In recent months, economic and commercial tensions between the two giant countries have become even more acute. “Despite recent tensions,” Yellen said, “we set a record for bilateral trade in 2022. This suggests there is ample room for our firms to engage in trade and investment.”

According to the American media, Yellen’s four-day trip to Beijing should “stabilize bilateral relations” and promote cooperation between Beijing and Washington, specifically in the context of the global agenda that includes fighting the climate change and transferring energy.

Therefore, Yellen called for closer cooperation between Beijing and Washington in the fight against the “existential threat” of global warming. “As the world’s two largest emitters of greenhouse gases and the largest investors in renewable energy, we have both a joint responsibility – and ability – to lead the way,” Yellen said at a climate panel in China. “The tensions are acute, but it is ‘fundamental’ that Washington and Beijing continue the joint work on climate finance,” said the US Treasury Secretary, adding that “climate change is at the top of the list of global concerns, and the United States and China must work together to counter this existential threat.”

And while Yellen tried to “bridge the gaps” in Beijing, another warning came from Washington to Chinese President Xi Jinping to be very careful in strengthening relations with Russia. In an interview with CNN, US President Joe Biden said that he told Xi Jinping after meeting with Russian President Vladimir Putin last March, “Be careful because Beijing is dependent on Western investment and on Europeans. I want to clarify: this is not a threat. It’s an observation,” Biden told CNN.