Treasury Sec. Yellen says that the U.S. and China “can and need to find a way to live together” in spite of their strained relations, which have worsened in recent months.
“A growing China that plays by international rules is good for the United States and the world,” Yellen said. “Both countries can benefit from healthy competition in the economic sphere. But healthy economic competition — where both sides benefit — is only sustainable if that competition is fair.”Yellen’s speech comes as tensions between the U.S. and China are at a fever pitch.
And China’s support of Russia as it continues to wage its war in Ukraine is causing concern among Western leaders. Though China has maintained that it is neutral in the conflict, stating that it won’t sell weapons to either side in the war, it recently held joint military drills with Russia. “China’s no limits partnership and support for Russia is a worrisome indication that it is not serious about ending the war,” Yellen said. “It is essential that China and other countries do not provide Russia with material support or assistance with sanctions evasion.”
Yellen said U.S. national security “is of paramount importance” in the relationship with the People’s Republic of China. She said the U.S. is “considering a program to restrict certain U.S. outbound investments in specific sensitive technologies with significant national security implications.”to China, an action meant to quell China’s ability to create advanced military systems including weapons of mass destruction, Commerce Department officials said last October.
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