Yellen’s visit reopens communication between China and the US, but differences continue

The visit to China from the treasury secretary US, Janet Yellenresulted in high-level meetings to improve communication between the two countries, especially in the economic area, although both sides recognized that there are still important differences in their relations.

In her four days in the Chinese capital, Yellen met with the main economic policy makers of the Asian country, including the Prime Minister, li qiang; to the new head of Chinese Communist Party (PCCh) in Banco Popular, pan gongsheng; to the finance minister, liu kunor the deputy prime minister He Lifeng.

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In all interactions, rated by both as “frank and productive”, both sides emphasized the need to “avoid misunderstanding“and try to direct their battered relationship, with which they were summoned to continue maintaining”dialogue and exchanges”, although both Yellen and Chinese officials acknowledged that there are wide disagreements.

The Chinese side bluntly expressed its concerns.”by US sanctions and its restrictive measures against China”, while Yellen criticized the “unfair practices” of Beijingciting, among others, “existing barriers to access their markets”, and clarified that Washington will continue to takespecific measures for reasons of national security”.

At the negotiating table they planned the restrictions that USA imposed last year on the export of US-made semiconductors and materials, a measure aimed at limiting Beijing’s ability to make parts needed to run supercomputers or advanced military systems.

Restrictions to which others could be added to exports of artificial intelligence chips to China, according to the US press, to which Beijing responded this week with limitations on the export of gallium and germanium, two key metals for the manufacture of semiconductors, a product which is at the center of commercial and technological tensions between the two.

“Abuse of the concept of national security is something that the only thing it achieves is to damage economic and commercial exchanges”, accused the Chinese state agency Xinhua after the meeting on Saturday between Yellen and He, evidencing the disagreements.

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The Secretary of the Treasury, for her part, also brought to the fore the latest “punitive measures against US firms”, in reference to the investigations launched in China against several American consultancies or the ban on the American technology Micron to sell products to Chinese customers.

“A positive sign for the world”

The Chinese press stresses this Sunday that “is USA who should work with China” so that relations return “to the right path”, while acknowledging that US officials are doing “efforts” to improve contacts.

“It is a positive sign for the world, which urgently needs the two great global economic powers to talk and cooperate in the face of ever greater challenges. But it is necessary for Washington to be true to its words”, comments the official newspaper Global Times in an editorial in this regard.

According to the academic gao lingyunfrom the Chinese Academy of Sciences, the economic relations between the two “served for a long time as a stabilizing factor”, but the problem now is that the two powers compete at the same time that they show their dependence, which makes it so difficult to reach agreements “significant”.

Yellen herself acknowledged that the US “does not seek economic disassociation from China“because that would be”disastrous” and “destabilizing” for both: “Seeing both parties sitting at the table is good in itself. But for the US to sanction China while expressing ‘concerns’ is a bit of a stretch. It only serves them to justify their measures, which are aimed at harming China’s development.”, denounces Gao.

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And while Yellen asked to compete but “under some rules”, Vice Premier He confessed that the Chinese side regrets the “unexpected incidents that damaged ties in recent months”, in apparent reference to the episode of the supposed balloon “spy” Chinese that flew over the United States at the end of January and that fell on waters of the Atlantic on February 4.

That episode seemed to destroy the rapprochement between the presidents of both countries, Joe Biden and Xi Jinpingduring their meeting in November 2022 on the sidelines of the G20 summit in Bali.

Yellen’s visit followed the one made in June by the Secretary of State, Anthony Blinkenwho also emphasized “the importance of keeping communication channels open across the board to reduce the risk of miscalculation” in an attempt to reduce the tension between the two powers and prevent the competition from leading to an open conflict.

Source: Elcomercio

jack

I am Jack Morton and I work in 24 News Recorder. I mostly cover world news and I have also authored 24 news recorder. I find this work highly interesting and it allows me to keep up with current events happening around the world.