U.S. Treasury Secretary Janet Yellen is traveling to China this week for talks with senior Chinese officials, the Treasury Department said on Sunday. Yellen will be the second highest-ranking U.S. official to visit China in weeks as the United States attempts to improve ties with China’s ruling communist party.
Yellen will travel to Beijing from July 6 to July 9 as part of the Biden administration’s efforts to “deepen communication” with the Chinese Communist Party (CCP) on the global macroeconomy and financial developments, the Treasury Department said in a statement.
Yellen is expected to speak on the need for the world’s two largest economies “to responsibly manage our relationship, communicate directly about areas of concern, and work together to address global challenges,” the department added.
This came just weeks after State Secretary Antony Blinken visited Beijing and met with Chinese Foreign Minister Qin Gang and top Chinese diplomat Wang Yi. Blinken also met with Chinese leader Xi Jinping and agreed to stabilize the tense relations between the two powers.
Xi pronounced himself satisfied with the progress made during the talks between Blinken and Chinese diplomats. However, Blinken told reporters that China refused to resume bilateral exchanges at the military level.
While the Treasury Department did not specify which Chinese officials Yellen will be meeting during her trip, it noted that her discussions will build on remarks she made at the John Hopkins School of Advanced International Studies in April.
US Won’t Decouple Economy With China
In her speech, Yellen said the United States seeks a healthy relationship with China and called for “cooperation on the urgent global challenges of our day,” such as climate change and debt distress.
“Both countries can benefit from healthy competition in the economic sphere. But healthy economic competition—where both sides benefit—is only sustainable if that competition is fair. We will continue to partner with our allies to respond to China’s unfair economic practices,” she remarked.
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