A small but significant step forward in relations between the US and China. The comparison between Janet Yellen, Treasury Secretary, and Chinese Deputy Prime Minister He Lifeng in addition to other senior government officials in Beijing, he was tough but forthright, and improved the clarity of the relationship between two giants. The United States will continue to take "targeted actions" to preserve its national security but such trade restrictions do not serve to "gain an economic advantage" over China, assured Janet Yellen during her four-day visit to Beijing which took place exactly five years away from the trade war unleashed by Donald Trump when he was president.
Usa-China: Yellen between disagreements and productive discussions
Janet Yellen admitted there are “significant disagreements” between the two countries but assured that the discussions in Beijing were “direct, substantial and productive".
The main point of tension is sui semiconductors, after the US imposed export restrictions on China to cut off the supply of American technology to Chinese companies, including much-needed chips. China, which seeks to become autonomous in this sector, believes that these measures aim to hinder its development and maintain American supremacy.
“It is important to note that these actions are motivated by simple ones national security considerations: we are not using them to obtain economic advantages", underlined the US Treasury Secretary, then expressing Washington's "serious concerns" about the "unfair trading practices” of Beijing included barriers to entry for foreign companies in the Chinese market and issues related to the protection of intellectual property in China. In particular, in Yellen's sights are the latest measures on exports of gallium and germanium, two key materials for semiconductors.
The US Treasury secretary said her talks in Beijing with several senior Chinese government officials helped move the US-China relationship forward by giving it “more solid foundations“. “Overall I think my bilateral meetings have been a step forward in our efforts to build US-China relations on a more solid footing,” he said.
“Both nations have an obligation to handle this relationship responsibly: to find a way to live together and share global prosperity. We believe the world is big enough for our two countries to thrive,” Yellen concluded.
While no major progress was reported, the official Xinhua news agency noted that Saturday's meeting between the US Treasury secretary and the Chinese Deputy Prime Minister He Lifeng it made it possible to agree on "the strengthening of communication and cooperation to face global challenges".
John Kerry, climate envoy, will be in Beijing next week, an area on which the US and China can collaborate more easily. All in view of a possible meeting between Joe Biden and Xi Jinpingstill to be built.
