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Janet Yellen To Visit China This Week; US Doesn’t Intend To ‘Decouple’ The Two Economies

US treasury secretary will meet with senior govt officials in Beijing, aiming to ‘work together to address global challenges’.‌

US Treasury Secretary, Janet Yellen, is set to visit Beijing this week for a meeting with senior Chinese officials, CNBC reports.

The Treasury has indicated that Yellen’s visit aims to discuss various macroeconomic and financial issues. The goal is to “responsibly manage our relationship, communicate directly about areas of concern, and work together to address global challenges.”

A senior Joe Biden administration official said, “We do not seek to decouple our economies, a full cessation of trade and investment would be destabilizing for both of our countries and the global economy.” However, the administration does not anticipate significant breakthroughs during this visit.

In an April speech, Yellen outlined three economic priorities for the US-China relationship: securing national security interests, fostering mutually beneficial growth, and cooperating on global challenges like climate change and debt distress. These objectives will be underscored during her visit.

US Secretary of State Antony Blinken (L) shakes hands with China’s President Xi Jinping in Beijing on June 19. (Photo by Leah MILLIS / POOL / AFP) (Photo by LEAH MILLIS/POOL/AFP via Getty Images)

Chinese state broadcaster CCTV confirmed that Yellen will be visiting from July 6-9. This visit follows closely on the heels of Secretary of State Antony Blinken’s meeting with China’s President Xi Jinping in Beijing.

 

© 2023 Zenger News.com. Zenger News does not provide investment advice. All rights reserved.

Produced in association with Benzinga

Edited by Arnab Nandy

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