US Treasury Secretary Janet Yellen will visit China again next year at her counterpart’s invitation, as officials in the world’s two biggest economies seek to boost contact further and improve tense relations.
The Yellen-He encounter took place just a few days before a highly anticipated meeting between US President Joe Biden and Chinese President Xi Jinping. That will occur on the sidelines of next week’s Asia-Pacific Economic Cooperation forum in San Francisco, which the US is hosting for the first time since 2011.
During their discussions, Yellen and He emphasized that the US and China are not seeking to decouple their economies, the Treasury Department said in a statement.
The Biden administration’s policy toward China is geared toward defending and securing national security while stressing that the US isn’t trying to hold China back economically — a message that Chinese officials have criticized, given US export controls enacted last year that are designed to deprive China of key technologies. In recent months, Washington has also unveiled a plan to vet outbound investments.
“We welcome the objective of a healthy economic relationship that provides a level playing field for companies and workers in both countries and benefits the two peoples,” Yellen said.
She added that she specifically raised US concerns about China’s export controls on critical minerals and graphite, used in the manufacture of high-tech goods such as semiconductors and batteries for electric vehicles.
“I stressed that companies must not provide material support for Russia’s defense industrial sector and that they will face significant consequences if they do,” Yellen said.
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