Treasury Secretary Janet Yellen on Sunday said she agreed Washington will listen to Chinese complaints about security-related curbs on U.S. technology exports and might 'respond to unintended consequences' as she ended a visit to Beijing aimed at...
Yellen defended “targeted measures” on trade that China’s leaders complain are aimed at hurting its fledgling tech industries. She said the Biden administration wants to “avoid unnecessary repercussions” but gave no indication of possible changes.
Yellen received a warm welcome and prominent coverage by the state press, but Chinese officials gave no sign they would change industrial or other policies that Washington and other governments say violate Beijing’s free-trade commitments. On Saturday, He said Washington should “adopt a rational and pragmatic attitude” to improve relations.
China’s economic growth rebounded to 4.5% in the first quarter of 2023 from last year’s 3% after anti-virus controls on travel and business activity were lifted in December. But factory activity and consumer spending decelerated in the quarter ending in June.Beijing has been slow to retaliate for U.S. technology restrictions, possibly to avoid disrupting its own industries.
“The de-risking involves attention to clearly articulated and narrowly targeted national security concerns, as well as broader concern with diversifying our supply chains, which the United States is doing in a few important sectors,” she said.
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