US Treasury "Plans to Visit China Next Year"... China "Lift Sanctions First"

Last November in San Francisco, U.S. Treasury Secretary Yellen met with Chinese Vice Premier Hu Lipeng.
[Photo by Yonhap News]

U.S. Treasury Secretary Janet Yellen announced on the 14th (local time) her plan for a second visit to China, stating that the United States will "continue to responsibly manage bilateral economic relations with China next year."

Prior to a lecture held by the U.S.-China Business Association, Secretary Yellen said in a distributed speech transcript, "I am planning my second visit to China as Treasury Secretary, and a significant portion of the agenda during the visit will focus on discussing difficult areas of mutual interest with China."

She added, "There are many areas where the U.S. and China strongly disagree, and there is always a risk of shocks that could affect both countries," and said, "We do not aim to resolve all disagreements or avoid all shocks. That is not realistic."

She continued, "Our goal is to maintain flexible communication with China to prevent tensions from escalating and causing harm due to misunderstandings," and announced that working groups for economic cooperation with China will continue to be held next year.

Secretary Yellen emphasized, "The United States will uphold clear communication commitments regarding U.S. measures, from the foreign investment system (controls on advanced technology investments in China) to the implementation of additional provisions of the Inflation Reduction Act (IRA) and sanctions," and added, "We will also continue to pressure China on its national security measures."

In this regard, China has implemented export control measures on minerals such as gallium, germanium, and graphite in response to U.S. export controls on advanced technologies to China, including semiconductors.

Secretary Yellen also stated, "China's economic policy choices, which account for nearly 20% of the global economy, have wide-ranging consequences," and said, "Next year, we will continue to demand transparency regarding China's economic policies and decision-making."

She added, "China's responses to local government debt, real estate market issues, and unexpected vulnerabilities in the economy are important to the United States," and said, "We will continue to raise concerns about areas where the U.S. and China disagree, from the international impact of China's industrial policies to measures that disadvantage the private sector."

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