U.S. Treasury Secretary Janet Yellen urged closer communication between China and the United States to improve economic decision-making and challenged China to join global initiatives to help poorer nations address climate change. | Reuters
Both sides have downplayed expectations for breakthroughs, while hailing the opportunity for candid, face-to-face diplomacy.
At the same time, Yellen reiterated Washington wanted to ensure healthy competition with a “fair set of rules” that would benefit both countries over time. China’s economy has failed to rebound as strongly as expected, heightening the risk of a global slowdown.As the U.S. seeks to re-engage at all levels, Beijing has repeatedly told Washington to match words with action, pointing to continued U.S. moves to curb Chinese access to technologies including semiconductors.
Despite talk of U.S.-China economic decoupling, which both countries oppose, data show a fundamentally solid trade relationship, with two-way trade hitting $690 billion last year. Yellen told government officials and climate experts on Saturday that China had the capacity to help the world tackle the “existential threat” of climate change.
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