![]() ![]() China has been a staunch advocate of direct communication channels with Washington, and puts a premium on trust-building based on a "rational and pragmatic" attitude. For one, it provides an opening for Washington to respond to China's major economic concerns, including lifting tariffs and relaxing export controls, while advancing more frequent contacts in the future. Interestingly, Yellen's visit is also a significant step toward reducing the risk of misunderstanding between both sides. To build on future progress, it is in the U.S.'s interests to avoid "overstretching the concept of security" on such cooperation and support international expectations for healthy and consistent U.S.-China economic engagements. After all, in the past two years alone, U.S.-China trade volume has steadily expanded, reaching $690 billion last year. to work together to tap considerable growth in trade and investment engagements. can meet China halfway and bring bilateral relations back on the right path, guided by reason and pragmatism," stated Li in his exchange with Yellen.Įxtensive talks with Chinese Vice Premier He Lifeng also reveal an opening for the U.S. For these reasons, Yellen's up-close engagement with Chinese officials and the larger business community reflects active efforts to implement those understandings, and coordinate differences where possible. That landmark consensus also included continuation of dialogue, as well as coordination on macroeconomic policies and trade ties. Yellen's refusal to endorse zero-sum talks about "de-coupling" is also a welcome step forward, making it easier to implement the core consensus reached between the two countries in Bali last year. These remarks from Premier Li offered strong incentives for Washington to recalibrate its perceptions towards China and support future common-ground in areas such as global financial stability, macroeconomic coordination, and debt crisis. It is true that China's peaceful development is a "gain rather than a risk" for the United States. ![]() to advance "mutual respect, peaceful coexistence, and win-win cooperation." In a bid to maintain a level playing field for businesses, the trip merits some hope against unwarranted U.S. Cautious optimism stemmed from Yellen's talks with Chinese Premier Li Qiang, who rightly recommended healthy cooperation as a "realistic need and the right choice" for two of the world's largest economies. The landmark visit was her first as Treasury Chief, and widely seen as an attempt to set up economic guardrails and improve the countries' relationship after an historic low. "We had substantive conversations about the global economy, developments in our own economies, financial markets, and a list of concerns that each of us brought to the table that we agreed to follow up on over time," Yellen recently said during a "Face the Nation" interview. actions on key sanctions and irritants, underline the strategic value of Yellen's trip to building a consequential U.S.-China economic relationship. Important insights on strengthening communication channels, and supporting concrete U.S. Treasury Secretary Janet Yellen recently concluded her four-day trip to China, where she held direct, substantive, and productive talks with senior Chinese officials. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The cookie is used to store the user consent for the cookies in the category "Analytics". ![]() ![]() These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly. ![]()
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