US Yellen Arrives in China, Will She Achieve Results?..."Pursuing Cooperation Amid Competition"

Amid escalating tensions between the U.S. and China over technological supremacy, U.S. Treasury Secretary Janet Yellen has begun her visit to China in earnest. Through this trip, she aims to pursue cooperation in economic competition between the two countries while expanding communication to prevent potential misunderstandings.

[Image source=EPA Yonhap News]

After arriving in Beijing on the afternoon of the 6th (local time), Secretary Yellen tweeted, "I am pleased to be in Beijing to meet with Chinese officials and business leaders," adding, "We seek healthy economic competition that benefits American workers and businesses, as well as cooperation on global challenges."

She said, "We will take actions to protect our national security when necessary," but also noted, "This visit is an opportunity for communication and to avoid communication errors or misunderstandings." She continued, "President Joe Biden has tasked the administration with deepening communication on various issues between our two countries," and added, "I look forward to doing so during this visit."

During her visit, scheduled until the 9th, Secretary Yellen is set to hold a series of meetings with key figures in China's economic leadership, including Premier Li Qiang, Vice Premier He Lifeng, and Minister of Finance Liu Kun. Major foreign media outlets reported that on the second day of her visit, the 7th, Yellen will meet with former Premier Liu He and Premier Li.

At these meetings, economic issues between the two countries are expected to be discussed, including U.S. ‘derisking’ policies involving advanced technology and investment restrictions on China, high tariffs, China's sanctions on Micron, and export controls on rare minerals. Recently, ahead of Yellen’s visit, China’s Ministry of Commerce announced export controls on gallium and germanium, rare metals used in semiconductors.

A senior Treasury official told the Washington Post that regarding Yellen’s April speech emphasizing 'national security,' she plans to explain in detail to the Chinese side the importance of maintaining a healthy economic relationship between the two countries. Given Yellen’s previous criticisms of China’s Belt and Road Initiative and related debt issues in developing countries, such topics are also expected to be addressed.

Notably, Yellen’s visit follows closely after U.S. Secretary of State Antony Blinken’s trip to Beijing, where he met with Chinese President Xi Jinping and reaffirmed the need for communication between the two nations. However, expectations for tangible outcomes from this visit in U.S.-China relations remain low. Major foreign media emphasize that both countries still prioritize national security over economic relations. Republican Representative Michael McCaul, chairman of the House Foreign Affairs Committee, stated, "Dialogue is important," but insisted, "Secretary Yellen should not hesitate to take competitive actions such as export controls on Huawei or human rights sanctions."

Ryan Hass, who served in the Obama administration, predicted, "There will be no major thaw or reset in U.S.-China relations in the coming months," adding, "Neither side will abandon competitive moves or reduce efforts to respond to the other." Professor Zhu Feng of Nanjing University expressed skepticism in an interview with Global Times, referencing Yellen’s emphasis on national security, saying, "It is unlikely that the U.S. will stop its economic and technological suppression of China."

In response, a U.S. official accompanying Secretary Yellen said, "What matters is that we are communicating," and added, "I do not think there will be no results." The Washington Post noted, "While Yellen’s visit is unlikely to produce a breakthrough, gradual progress may be possible." For example, following Secretary Blinken’s visit, a working group was established to combat fentanyl trafficking, suggesting potential progress on issues like developing countries’ debt problems.

There are also reports that U.S. Special Presidential Envoy for Climate John Kerry is scheduled to visit China in mid-June. Bloomberg News, citing sources, reported that Kerry is likely to visit China during the week of the 16th.

This content was produced with the assistance of AI translation services.