Yellen sees ‘progress’ in rocky U.S.-China ties, expects more communication

U.S. Treasury Secretary Janet Yellen said 10 hours of bilateral meetings with senior Chinese officials in recent days were “direct” and “productive” and helped stabilize the often rocky relationship as her four-day Beijing trip ended.

“But President Biden and I do not see the relationship between the U.S. and China through the frame of great power conflict. We believe that the world is big enough for both of our countries to thrive.” The U.S. diplomatic push comes ahead of a possible meeting between President Biden and Xi as soon as September’s Group of 20 summit in New Delhi or the Asia-Pacific Economic Cooperation gathering scheduled for November in San Francisco.

She said Chinese officials raised concerns about an expected executive order restricting outbound investment, but she assured them that any such measure would be narrow in scope and would be enacted in a transparent way, through a rule-making process that would allow public input. But she said the United States wanted to see an “open, free and fair economy,” not one that forces countries to take sides.

Yellen met with senior Chinese officials during her visit, including Premier Li Qiang, as well as U.S. companies doing business in China, climate finance experts and women economists.

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