Yellen and the Chinese vice premier decide to “intensify communication”

US Treasury Secretary Janet Yellen said they agreed to “intensify communication” with China’s deputy prime minister in charge of economic relations, Hı Lifıng, and said they are determined to work together on global challenges, from debt issues to economic issues related to climate. change.

At the press conference, Yellen assessed her two-day meeting with Chinese Vice Premier Hı and economic relations between the two countries.

Noting that US-China relations are one of the most important of our time, Yellen noted that although the United States uses economic tools from time to time to protect its national security interests, the two countries have a vision of an economically healthy and stable. relationship that benefits both parties.

Yellen said she believes significant progress has been made to advance this vision since U.S. President Joe Biden and Chinese President Xi Jinping met almost a year ago.

‘We had a sincere, direct and productive meeting’

Referring to the contacts that followed Biden’s instructions to deepen bilateral communication, Yellen stated that they held sincere and constructive meetings on many topics, from macroeconomic developments to the quality of economic relations, from climate change to debt problems. in low-income countries.

Yellen noted that they had “candid, direct and productive meetings” with Chinese Vice Premier Hussein over two days, and emphasized that the current uncertain global landscape makes it especially vital to maintain flexible lines of communication going forward.

Stating that during the meetings she spoke about the goal of achieving a healthy economic relationship that benefits both countries, Yellen reiterated that they were not trying to separate the US economy from China.

Yellen emphasized that separation would harm both the United States and China and destabilize the world, saying: “However, a healthy economic relationship requires fair treatment of American workers and businesses. I have expressed concerns about the breadth and depth of China’s non-trade policies and practices and its global expansion. “These are concerns I often hear from companies in the United States.” saying.

WARNING FOR COMPANIES HELPING RUSSIA

Stating that they discussed certain areas where they can improve cooperation on global challenges and climate finance, Yellen noted that they also talked about the importance of strengthening the World Bank, the International Monetary Fund and other parts of the international financial architecture, as well as the efforts. to promote global financial stability.

Yellen said they also raised concerns about China’s controls on exports of graphite and other critical minerals, and stressed that companies should not provide financial support to Russia’s defense industry sector and would face serious consequences if they did.

Noting that they agreed to “intensify communication,” including maintaining a regular rhythm of communication, Yellen said, “We are determined to work together on global challenges, from debt issues to economic issues related to climate change.” “Both countries jointly expressed that we welcome the goal of a healthy economic relationship that provides a level playing field for businesses and workers in the United States and China and that benefits our two peoples,” he said.

RANSOMWARE ATTACK ON ICBC WAS DISCUSSED

Noting that there are still many areas of disagreement between the United States and China, Yellen emphasized that they will act in accordance with the agreement they have reached and that they expect the same from the other side.

Yellen also stated that their meetings helped prepare more ground for a productive meeting between Biden and Xi, and recalled that China will also participate in next week’s Asia Pacific Economic Cooperation (APEC) meetings.

Responding to questions from members of the press, Yellen noted that China sees downward pressure on its currency as a risk that could increase capital outflows, and that she believes it is addressing economic problems firmly and is willing to take additional measures.

Yellen stated that they have seen evidence that, in addition to financial institutions, there are also Chinese companies that can help the flow of equipment to Russia.

Yellen stated that she did not see any impact of the ransomware attack on the Industrial and Commercial Bank of China (ICBC) on the US bond market and stated that she met with Chinese Vice Premier Hi to discuss this issue.

YELLEN AND HI’S DIRECT COMMUNICATION WILL CONTINUE REGULARLY

Separately, the US Treasury Department also made a written statement regarding Yellen’s two-day meeting with Chinese Vice Premier H.

In the statement, it was stated that Yellen and Hı exchanged views on domestic and global macroeconomic and financial developments.

The statement stated that Yellen and Hı agreed on the important fundamentals of US-China economic relations, and that the two sides agreed to intensify communication to work toward common solutions, address disagreements where possible, and avoid misperceptions that lead to unwanted tensions.

The statement noted that Yellen and Hı pledged to maintain direct communication with each other on a regular basis and emphasized that they were not trying to separate the US and Chinese economies. (AA)