US China Relations | US Won't Decouple but China Needs Reforms Yellen
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U.S. Treasury Secretary Janet Yellen called for market reforms in China but stressed that the world's two largest economies are not decoupling, as she kicked off her visit to Beijing on Friday (July 7). Almond Li has more.
Transcript:
The U.S. Treasury Secretary, Janet Yellen, kicked off a four day visit to Beijing on Friday calling for market reforms, but stressing the U.S. is not decoupling with China. She met with American business leaders there after sitting down with former Chinese economy czar Cook.
We seek to diversify, not to decouple. The decoupling of the world's two largest economies would be destabilizing for.
The global economy, and it would be virtually impossible to do so.
Yellen also reassured her audience that the U.S. and its allies will fight back against what she called China's unfair economic practices, while also calling for clear lines of communication between both sides.
I believe this particular importance right now is the global economy faces headwinds, high pressures, the legal war in Ukraine and the lingering effects of the pandemic. For China.
Trip is the second by a top Biden official to visit Beijing in recent weeks after Anthony Blinken aimed at smoothing out tensions after the U.S. military shot down a Chinese government balloon over the United States. Yellen is slated to meet Premier Li Keqiang and expect to deflect concerns about the impact of China's new counter-espionage law on U.S. firms there.
While Beijing is expected to bring up the Biden administration, Ryan's plans to limit U.S. companies investments in China when its recovery from the global health crisis is coming along slower than expected.
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