Yellen criticizes China’s ‘punitive’ actions against U.S. companies, urges market reforms

yellen-criticizes-china’s-‘punitive’-actions-against-us.-companies,-urges-market-reforms
Yellen criticizes China’s ‘punitive’ actions against U.S. companies, urges market ...

U.S. Treasury Secretary Janet Yellen has called for market reforms in China and criticized the country for its recent actions against U.S. companies and new export controls on critical minerals. Yellen emphasized the need for resilient and diverse supply chains and warned that the United States and its allies will respond to China’s unfair economic practices.

Yellen made these remarks during a speech to the American Chamber of Commerce in China after holding substantive talks with Chinese officials. Her visit is part of an effort to ease tensions between the two countries, which have escalated in recent months. While no major breakthroughs are expected, both sides recognize the importance of safeguarding national security interests over economic ties.

China has expressed hope that the U.S. will take concrete actions to create a favorable environment for bilateral economic and trade relations. The country’s finance ministry stated that there are no winners in a trade war or decoupling, emphasizing the importance of maintaining open trade and commercial lanes between the two economies.

U.S. firms in China are hopeful that Yellen’s visit will ensure the continuity of trade and commercial activities, regardless of geopolitical tensions. The President of the American Chamber of Commerce in China, Michael Hart, welcomed Yellen’s efforts to press for changes in China’s policies, noting that her visit allows for more conversations and engagement between the two sides.

Yellen’s visit also sets the stage for a possible meeting between President Joe Biden and Chinese President Xi Jinping. The diplomatic push aims to prevent the rivalry between the two countries from escalating into conflict. Yellen emphasized the importance of a stable and constructive relationship while asserting that the U.S. will protect its national security interests and human rights.

Regular exchanges between the U.S. and China can help monitor economic and financial risks, especially in the face of global challenges such as the conflict in Ukraine and the lingering effects of the pandemic. Yellen expressed concerns about China’s expanded subsidies for state-owned enterprises, barriers to market access for foreign firms, and punitive actions against U.S. companies. She also highlighted the need for resilient and diversified supply chains, particularly in critical mineral sectors.

Yellen further called for market reforms in China, urging the country to return to more market-oriented practices that have contributed to its rapid growth. She emphasized that a market-based approach is in China’s interests and has been instrumental in lifting millions of people out of poverty. Yellen acknowledged the importance of China’s middle-class as a significant market for American goods and services. She reiterated that the U.S. seeks diversification, not decoupling, as a decoupling of the world’s two largest economies would be destabilizing and virtually impossible.

In conclusion, Yellen’s visit to China highlights the need for market reforms, addresses concerns about China’s economic practices, and aims to maintain a stable and constructive relationship between the two countries. The visit also sets the stage for a potential meeting between President Biden and President Xi, signaling a diplomatic effort to prevent further escalation of tensions.

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