Yellen said she had “direct, substantive, and productive” talks with China’s new economic leadership, including Premier Li Qiang and Pan Gongsheng, the newly appointed Communist Party chief of China’s central bank.
Yellen’s trip marked the second visit by a US cabinet official to the Chinese capital in a matter of weeks as Washington seeks to steer relations with Beijing back on course after months of inflamed tensions. “There is an important distinction between decoupling, on the one hand, and on the other hand, diversifying critical supply chains or taking targeted national security actions,” she said.
Yellen said she pressed Chinese officials on Washington’s “serious concerns about China’s unfair economic practices” — including barriers to market access for foreign firms and issues involving intellectual property — and “worries about a recent uptick in coercive actions against American firms.” “I was able to explain to my Chinese counterparts that if we do implement such restrictions, that we will do so in a transparent way,” she said, adding any new curbs or sanctions would “be highly targeted and clearly directed narrowly at a few sectors where we have specific national security concerns.”
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