U.S. Treasury Secretary Yellen Discusses China's Economic Policy Shift in Beijing Talks

Janet Yellen Emphasizes the Need for Policy Shift in China

Beijing, March 15, 2023 (AP) - U.S. Treasury Secretary Janet Yellen concluded her visit to China on Tuesday, highlighting the focus of future discussions between the U.S. and China on Beijing's necessity to transition its policy on industry and the economy. Speaking at a press conference in Beijing, she emphasized the need for a shift in policy during these talks, building on the extensive discussions she had with Chinese Vice Premier He Lifeng last week.

Overview of the Trip

Yellen's visit began in Guangzhou on Thursday and concluded in Beijing on Tuesday. During her trip, she engaged in discussions with top Chinese officials, including Chinese Premier Li Qiang and Chinese Vice Premier He Lifeng, to address the economic policies and plans of the Chinese government.

Bilateral Relationship and Communication

Yellen expressed that over the past year, efforts have been made to establish a more stable bilateral relationship. She emphasized the importance of directly and openly communicating with one another to make progress, acknowledging the existence of differences and the necessity for tough conversations.

Agreements and Exchanges

Following Yellen's meetings in Guangzhou, both countries agreed to intensive exchanges on balanced growth in the domestic and global economies. Additionally, they decided to initiate Joint Treasury-PBOC Cooperation and Exchange on Anti-Money Laundering to expand cooperation against illicit finance and financial crime.

Chinese Perspective

From the Chinese side, Premier Li expressed hopes for the U.S. to adhere to market economy norms and refrain from politicizing trade issues. Beijing highlighted its new energy industry's potential contributions to global carbon neutrality efforts. The Chinese side also expressed "serious concerns" about U.S. trade restrictions and described the talks as "constructive," focusing on balanced economic growth, financial stability, and anti-money laundering.

Engagements During the Visit

Throughout her visit, Yellen met with a range of Chinese officials, including Minister of Finance Lan Fo'an, the mayors of Beijing and Guangzhou, as well as representatives of U.S. businesses. She also engaged with professors and students at Peking University to foster a comprehensive understanding of the economic landscape and the perspectives of various stakeholders.

This marks a pivotal moment in the ongoing dialogue between the U.S. and China, setting the stage for future engagements and collaborative efforts. Please stay tuned for further updates on this evolving story.