U.S. Treasury Secretary Janet Yellen Plans to Visit China in 2024: Focus on Tough Talks

Yellen’s Commitment to Deepening Cooperation with China
The Importance of Communication in U.S.-China Relations

U.S. Treasury Secretary Janet Yellen has announced plans to revisit China next year. While emphasizing the deepening of cooperation and improvements in communication with China, she stressed that the U.S. will continue to confront China on national security concerns.

Bloomberg reported on the 14th that Yellen, in her address at the U.S.-China Business Council, emphasized the importance of addressing challenging issues with China. She stated that these matters would be a significant focus of the agenda.

Yellen stated that the U.S. will continue to enforce export controls and investment restrictions against China. However, she emphasized the significance of collaborating with China. She says it can prevent a broad spectrum of potential crises, from diplomacy to finance.

According to Yellen, their goal isn’t to settle every dispute or prevent every conflict. Instead, she bolsters communication to prevent misunderstandings from escalating into more significant issues.

She emphasized the importance of gathering information about the Chinese economy through bilateral exchanges. “Understanding China’s plans, especially how China intends to respond to challenges with local government debt and the real estate market or how it might react if unexpected economic weaknesses should arise, is crucial,” Yellen added.

Yellen said she will expand exchanges between U.S. and Chinese financial authorities. The U.S. and China are actively discussing how to handle the situation if a central bank in the global financial system goes bankrupt.

Also, she criticized the past China policy of former President Donald Trump, who is eyeing next year’s election. She said the Trump administration “failed to make investments at home in critical areas like infrastructure and advanced technology, while also neglecting relationships with our partners and allies that had been forged and strengthened over decades.” She added, “The Biden Administration strategy towards China begins with investing at home and rebuilding alliances abroad.”

By. Ju Hae Yoon