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US-China need ‘healthy economic relations’, Yellen says

 Published: 15:38, 12 November 2023

US-China need ‘healthy economic relations’, Yellen says

The United States Treasury Secretary Janet Yellen has underscored the necessity for 'healthy economic relations' between the United States and China. she simultaneously urged Beijing to take action against Chinese companies found to be supporting Russia in its war against Ukraine.

During a two-day meeting with Chinese Vice Premier He Lifeng in San Francisco, Yellen stated that the Biden administration does not intend to decouple the economies of the US and China. She emphasized that such a move would be detrimental to both nations and pose a destabilizing impact on the global economic landscape.
Yellen addressed reporters, explaining that while the US seeks robust economic ties, it will not refrain from taking unilateral measures against Chinese entities providing defense equipment to Moscow. She expressed concern over evidence suggesting that Chinese firms and banks are "facilitating" the supply of crucial equipment to Russia, even in the face of existing sanctions.
"We are concerned that, despite the sanctions programs we've put in place, equipment critical to Russia's military effort is nevertheless evading sanctions and being delivered to Russia," Yellen stated, clarifying that she was not accusing the Chinese government of complicity in these actions.
Yellen disclosed that the Treasury has identified Chinese firms involved in these activities and warned that they would face "significant consequences." Despite the strong stance on enforcing consequences, Yellen reiterated that the goal is not to sever economic ties between the two nations.
She also announced that she had accepted an invitation from Vice Premier He to return to China next year as part of a routine exchange between economic leaders. This meeting took place ahead of the anticipated discussions between President Joe Biden and Chinese Premier Xi Jinping, scheduled to occur during the upcoming Asia-Pacific Economic Cooperation summit in San Francisco.
The ongoing dialogue between the US and China reflects the complex interplay of economic cooperation and geopolitical challenges, as both nations navigate their relationship in the context of global events.

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