Treasury chief seeks to fix ties with China

36 Treasury chief seeks to fix ties with China

Janet Yellen will go to Beijing this week to debate find out how to “responsibly handle” relations between the most important financial powers

US President Joe Biden’s administration has confirmed plans to ship a high-level cupboard official to Beijing for the second time in lower than a month to assist shore up relations with China amid rising tensions over the Russia-Ukraine battle and Taiwanese separatism.

Treasury Secretary Janet Yellen is scheduled to go to China on July 6-9 for talks with Chinese language leaders on strengthening cooperation between the world’s two largest economies. Yellen will converse with Chinese language officers in regards to the want for the 2 international locations to “responsibly handle our relationship, talk straight about areas of concern, and work collectively to deal with world challenges,” the US Treasury Division mentioned on Sunday in a assertion.

Yellen’s journey will come almost three weeks after US Secretary of State Antony Blinken met with Chinese language President Xi Jinping in Beijing to ease tensions between the 2 governments. Blinken hailed his “candid” talks with Xi and different Chinese language leaders, saying their conferences had helped stabilize Sino-US relations.

Nevertheless, sooner or later after his chief diplomat wrapped up his long-awaited journey, Biden triggered a brand new controversy by referring to Xi as a “dictator” whereas chatting with political donors in California. The Chinese language authorities responded by lodging a proper grievance by way of its embassy in Washington and calling in US Ambassador to China Nicholas Burns to ship an official reprimand for what it known as a “political provocation.”

Biden and Blinken each stood by the president’s “dictator” remark, saying it wouldn’t hinder reconciliation efforts between the governments. Blinken mentioned Biden “all the time speaks candidly,” so the insult shouldn’t have come as a shock to Beijing.

The US Treasury Division additionally identified that Yellen’s journey adopted Biden’s directive final November to deepen communication with the Chinese language authorities on “a variety of points, together with on the worldwide macroeconomy and monetary developments.”

As treasury secretary, Yellen is Washington’s high financial policymaker. US officers haven’t disclosed which Chinese language leaders she plans to satisfy with on her journey. She reportedly doesn’t have a gathering booked with Xi. The Chinese language Finance Ministry issued solely a one-sentence assertion confirming the dates of her go to.

Yellen has been essential of China’s response to the Ukraine disaster, saying Beijing’s “no-limits partnership and help for Russia is a worrisome indication that it’s not critical about ending the struggle.” Xi’s authorities introduced a 12-point peace proposal to finish the Russia-Ukraine battle in February. US and NATO officers dismissed the plan, saying China lacked credibility on the problem.

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