Yellen urges US-China cooperation on economy, climate
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[July 08, 2023]
By Andrea Shalal
BEIJING (Reuters) - U.S. Treasury Secretary Janet Yellen urged closer
communication between China and the United States on Saturday to improve
economic decision-making and challenged China to join global initiatives
to help poorer nations address climate change.
Despite bilateral tensions, record high U.S.-Chinese trade last year
showed there was "ample room" to engage in trade and investment, and it
was critical to focus on areas of common interest and address
disagreements through dialogue, Yellen told Chinese Premier He Lifeng at
the start of a meeting that a Treasury official said would last for more
than three hours.
Yellen's visit through Sunday is Washington's latest attempt to repair
ties between the world's two biggest economies, battered over issues
from Taiwan to technology that have drawn their allies into their
rivalry, having an impact on companies and trade ties.
Like U.S. Secretary of State Antony Blinken, who visited last month for
the first time in Joe Biden's presidency, Yellen is seeking a delicate
balance between conciliation and continuing to push Beijing to halt
practices Washington says are harmful to U.S. and Western companies.
Both sides have downplayed expectations for breakthroughs, while hailing
the opportunity for candid, face-to-face diplomacy.
"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, China's
recently appointed economy czar.
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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 reiterated Washington wanted to ensure healthy
competition with a "fair set of rules" that would benefit both countries
over time.
Meeting her at the Diaoyutai state guest house where foreign dignitaries
are often received, He said he stood ready to work with Yellen.
Yellen told a group of female economists on Saturday she was "in Beijing
at this critical time because, for all the disagreements between our
nations, President Biden and I believe it is in the best interests of
our peoples to put our relationship on a better track and to maintain
open and honest lines of communication".
"I strongly believe that the relationship between our two countries is
rooted in the solid ties between the American and Chinese people. It is
important that we keep nurturing and deepening these ties, especially as
China reopens after three years of COVID lockdowns."
China's economy has failed to rebound as strongly as expected,
heightening the risk of a global slowdown.
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![](../images/070823PIX/news_q16.jpg)
US Treasury Secretary Janet Yellen
attends a climate roundtable at the US embassy in Beijing on July 8,
2023. Pedro Pardo/Pool via REUTERS
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'MEET CHINA HALFWAY'
As the U.S. seeks to re-engage at all levels, Beijing has repeatedly
told Washington to match words with action, pointing to continued
U.S. 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.
Before Yellen's arrival, China this week abruptly announced export
controls on two metals widely used in semiconductors and electric
vehicles in the name of protecting its national security and
interests.
Still, recently appointed Premier Li Qiang left the door open to
further dialogue, urging Yellen on Friday to "meet China halfway" as
both sides inject "positive energy" into bilateral ties.
Despite talk of U.S.-China economic decoupling, which both countries
oppose, data show a fundamentally solid trade relationship, with
two-way trade hitting $690 billion last year.
The United States would continue to communicate directly its
concerns about specific economic practices, and would take targeted
actions to protect its national security, Yellen said.
She urged China not to allow any disagreements to "lead to
misunderstandings, particularly those stemming from a lack of
communication, which can unnecessarily worsen our bilateral economic
and financial relationship."
Yellen told government officials and climate experts on Saturday
that China had the capacity to help the world tackle the
"existential threat" of climate change.
Beijing and Washington must take the lead in helping poor nations
meet their climate goals and cope with the impact of climate change,
she told a roundtable.
Cooperation on climate finance was a "critical" responsibility of
"the world's two largest emitters of greenhouse gases and the
largest investors in renewable energy", she said.
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China, classified as a developing country by the United Nations, has
long said it was the responsibility of developed nations to help
poor countries pay to address climate change.
But Beijing says it could contribute to "loss and damage" due to
climate change on a voluntary basis.
(Reporting by Andrea Shalal; Writing by Ryan Woo; Editing by Chizu
Nomiyama and William Mallard)
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