Treasury Secretary Janet Yellen kicked off her visit to Beijing by calling for market reforms in the world's second-largest economy and warning that the US and its allies will fight back against what she called China's ‘unfair economic practices’
U.S. Treasury Secretary Janet Yellen meets with representatives of the U.S. business community in China in Beijing, July 7, 2023. REUTERS/Thomas Peter
Yellen's trip is part of a flurry of visits aimed at calming tensions between Washington and Beijing after the U.S. military shot down a Chinese government balloon over the United States. Yellen said she came to China to deepen communication and work toward a "stable and constructive relationship" between the two countries, while making clear that Washington will act to protect its national security interests and human rights.
Yellen said she would make clear to Chinese officials that Washington was not seeking "a wholesale separation of our economies," but would raise concerns about their use of expanded subsidies for state-owned enterprises and domestic firms, barriers to market access for foreign firms, and recent "punitive actions" against U.S. firms.
"A market-based approach helped spur rapid growth in China and helped lift hundreds of millions of people out of poverty. This is a remarkable economic success story."
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