Treasury Secretary Janet Yellen’s two-day engagement with top officials in Beijing offered a way for the U.S. and China to contain damage in their economies from the two nations’ intensifying rivalry
reasury Secretary Janet Yellen’s two-day engagement with top officials in Beijing offered a way for the U.S. and China to contain damage in their economies from the two nations’ intensifying rivalry.
The export curbs have the potential to cut off certain investments in semiconductors, artificial intelligence and quantum computing in China. The Treasury chief repeatedly sought to emphasize that deep and broad bilateral economic relations are a good thing. It’s important for the two nations to “make sure businesses understand there is a wide swath of economic interactions that are uncontroversial to both sides,” she said.
The U.S. and China have been stepping up efforts to boost influence in the so-called Global South. Yellen will have an opportunity to allude to the newly reinstated high-level engagement with China when she meets with fellow finance chiefs from the Group of 20 emerging and developed nations in India this month.
A Xinhua commentary published Friday said that “acts of short-sightedness and a Cold-War mindset will easily damage any progress already made to rekindle bilateral ties.” It also said that pushing for derisking “would not fool the Chinese side to believe the United States has given up its efforts to contain China.”A true rapprochement would arguably require the U.S. and China dismantling the raft of trade-tariff increases levied during the Trump administration.
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