Yellen calls for “direct” talks between the US and China

USA and China they should communicate”directly” their concerns about economic practices, said this Saturday the secretary of the Treasure US Janet Yellenwho also urged greater bilateral cooperation on climate change.

Yellen has been making a four-day visit to China since Thursday with the aim of reducing tensions and seeking areas of collaboration between the two leading economic powers on the planet.

In a meeting with Vice Premier He Lifeng on Saturday, Yellen noted that last year’s record bilateral trade is proof of the importance of relations between Washington and Beijing.

“There is ample space for our companies to participate in trade and investment”Yellen told He at a meeting at the Diaoyutai diplomatic residence in the Chinese capital.

“When we have concerns about specific economic practices, we must and will communicate them directly,” assured.

The deputy prime minister responded by regretting the “unexpected incidents” that complicated efforts to improve relations between China and the United States after a meeting last November between presidents Xi Jinping and Joe Biden.

He referred in particular to the alleged Chinese surveillance balloon that was shot down in February by USA when he flew over his territory.

“There were some problems in the implementation of the consensus reached by the two heads of state,” said the deputy prime minister, though he promised “concrete actions” to improve relations after Yellen’s meetings this week with Chinese officials, including Chinese Premier Li Qiang.

During her visit, the Treasury secretary emphasized areas where the two powers need to work together, while defending US measures to “reduce risk” of its economy from China.

“As the world’s two largest emitters of greenhouse gases and the largest investors in renewable energy, we have the joint responsibility and ability to lead the way,” Yellen said at an expert roundtable in Beijing.

“Continuing US-China cooperation on climate change financing is crucial,” added.

Tensions over Taiwan

Last year, the Chinese authorities announced a temporary suspension of climate talks after Nancy Pelosi, then Speaker of the House of Representatives, visited Taiwan, a territory that China claims as its own.

Now the talks could restart with the planned visit to China by US special envoy John Kerry, a US official said on Friday.

In addition to cooperation on climate issues, Yellen said in a meeting with Chinese Premier Li Qiang on Friday that Washington and Beijing should communicate closely on global economic and financial issues as well as international challenges such as the debt crisis.

In addition to meeting with decision-makers involved in climate finance, Yellen also spoke with women economists on Saturday, highlighting the “strong ties” between the two towns.

“It is important that we continue to foster and deepen these ties,” especially as China reopens its economy after the COVID-19 pandemic.

According to Lindsay Gorman, Senior Research Fellow for Emerging Technologies at the German Marshall Fund for the United States, it remains to be seen if “important issues that are in the category of global challenges”, such as debt and climate cooperation, will be at the top of the negotiation agenda.

Before her meetings with Chinese officials, Yellen spoke with US companies concerned about the uncertainty of doing business in China.

“Anything that can help improve the US-China relationship will help business first, investment sentiment, and second will give us more opportunities to cooperate,” Michael Hart, president of the American Chamber of Commerce in China, told AFP.

Source: AFP