"I believe that the United States and China should seek a relationship of healthy economic competition that is not winner-take-all," Treasury Secretary Janet Yellen argued in front of Chinese Vice Premier He Lifeng.
"A fair set of rules would benefit both countries over time. Where we have concerns about specific economic practices, we should and will communicate them directly" the secretary also said Saturday.
Today I met with PRC Premier Li Qiang where I emphasized @POTUS’s desire for a healthy economic relationship with China that benefits both our economies and American workers and businesses. pic.twitter.com/TJxqUYy5gH
— Secretary Janet Yellen (@SecYellen) July 7, 2023
Yellen is on the third day of her tour in China trying to develop closer relations with the communist country after numerous episodes that heightened tensions, such as the revelations about Chinese police stations abroad, reports of Chinese agents crossing the southern border and the Department of State's recommendation to avoid traveling to the country.
In previous meetings, the official said she was "particularly troubled" about communist authorities targeting U.S. companies and new export controls on two minerals that are critical to semiconductor manufacturing.
Another issue that crept onto the agenda was "cooperation on climate finance." Yellen argued that both countries - "the world’s two largest emitters" - had the "joint responsibility – and ability – to lead the way."
A "pragmatic" position
"Chinese culture values peace above everything else, as opposed to hegemony and bullying," Chinese Premier Li Qiang told the Treasury secretary on Friday, according to the pro-government Xinhua news agency.
After that, he said that he expected the United States to adopt a pragmatic and rational attitude. He also felt that his country's growth was an opportunity for the world's leading power, rather than a challenge.
Cooperation, "observation" or threat?
While Yellen was talking about closer ties in China, Biden warned the communist regime to be "careful." "This is not a threat, it is an observation," he said in statements to CNN which were later reported by Infobae.
The words of the Democratic leader were due to a summit between Chinese President Xi Jinping and his Russian counterpart Vladimir Putin. Biden advised China not to engage with Russia, pointing out that American companies had pulled out of the country after it invaded Ukraine.
The president also stated that Beijing had to be cautious because it depended on investment from the West.