Yellen says the US and China want the relationship to be “stabilised”.

The United States and China will have nearly $700 billion in trade this year, which will benefit both sides.


US Treasury Secretary Janet Yellen said she believes the US and China want their economic relations to be stable “frankly” and “respectfully.”

Yellen told NPR’s Marketplace in an interview recorded shortly before she left Beijing that she believes their trip, during which the two sides discussed “significant differences,” has successfully ended the relationship.

“There are challenges, but I think there is a desire on both sides to stabilize the relationship and constructively address the issues that we each see in our relationship, do so with honesty, openness, respect and build an ongoing productive relationship.” He said.

Yellen told Marketplace the visit was constructive and allowed her to make clear that US export controls and other measures were motivated by national security concerns and diversification of supply chains, not unfair economic gain.

“I spent many hours with my counterpart detailing and addressing our concerns and making it clear that they have an open channel of communication,” Yellen added.

He said that the two sides agreed to “maintain open channels of communication and deepen our discussion on the concerns that each has.”

With relations between the US and China declining over national security issues, including Taiwan, US export bans on advanced technologies and China-led industrial policies, Washington is trying to mend relations between the world’s two largest economies.

Yellen’s trip followed a visit by Secretary of State Antony Blinken last month, the first by a top US diplomat under Democrat Joe Biden. Climate envoy John Kerry is expected to visit China this month.

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Yellen stressed that Washington does not seek to separate from the Chinese economy, as Beijing fears, noting that the United States and China will get nearly $700 billion in trade this year, which will benefit both sides.

He said China has made a lot of progress in recent years, including addressing a serious pollution problem in Beijing.

China, still the world’s largest emitter of greenhouse gases, has also invested in technological innovation, in electric vehicles, electric batteries and renewable energy, which could lower the cost of reducing greenhouse gas emissions in the United States and around the world.

Aileen Morales

"Beer nerd. Food fanatic. Alcohol scholar. Tv practitioner. Writer. Troublemaker. Falls down a lot."

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