Credit：Janet Yellen

In a meeting with Chinese Premier Li Qiang on Friday, Yellen said the U.S. side does not seek to decouple or sever supply chains, and has no intention of hindering China's modernization process, reported state media Xinhua News Agency. The report said Yellen expressed the willingness to implement the understandings reached by the two heads of state in Bali last November, strengthen communication, avoid misunderstandings caused by differences, enhance cooperation on stabilizing the macro economy and addressing global challenges, and seek mutual benefits between the two countries.

"China's development is an opportunity rather than a challenge for the United States, and a gain rather than a risk," Li told Yellen, cited the report. Li cautioned politicizing economic cooperation or overstretching the concept of security on such cooperation is harmful for the economic development of the two countries and the whole world. Li said the economic interests of China and the United States are closely intertwined, and mutual benefits are the essence of China-U.S. economic relations, and strengthening cooperation is the realistic demand of and right choice for both sides, according to the report. Li was reportedly to call for strengthening coordination and cooperation, working together to cope with global challenges, and promoting common development, and also call on Beijing and Washington to strengthen communication and seek consensus on important bilateral economic issues through candid, in-depth and pragmatic exchanges.

Yellen emphasized President Biden’s “desire for a healthy economic relationship with China that benefits both our economies and American workers and businesses”, in her meet with Li Qiang, according to one of her tweets on Friday. A separate tweet said Yellen also underlined the importance of two largest economies’ working together on global challenges like climate change and debt distress.

A readabout of the U.S. Department of Treasury on Friday labeled Yellen’s meeting with Liqiang as “candid and constructive”, without disclosing whether the two nations have any further high-level dialogue or meets in the near future.

“We seek a healthy economic competition that benefits American workers and firms”, a Yellen’s tweet later Friday mentioned her discussion on bilateral economic relationship between U.S. and China with American businesses operating in China. “I also discussed concerns about barriers to market access, China’s use of non-market tools, and punitive actions against U.S. firms,” another tweet added. Yellen reaffirmed the U.S. economic approach to China, which remains focused on three primary objectives: securing vital interests pertaining to national security and human rights; pursuing healthy and mutually beneficial economic competition, in which China plays by international rules; and seeking mutual cooperation on urgent global challenges, including on the macroeconomy, climate, and global debt, according to the Treasury Department’s roundabout.

Yellen is the first U.S. Treasury Secretary to visit to China in four years. She is also the second official of Biden’s administration to travel to China in under a month following Secretary of State Antony Blinken. With his two-day trip in bid to break the ice for further cooperation, Blinken becomes the highest ranking U.S. official as well as the top U.S. diplomat to visit China since October 2018 by his predecessor Mike Pompeo. He is also the highest ranking official from the U.S. cabinet to set foot in China since Biden assumed office in January 2021.

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