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Yellen urges US and Chinese companies to cooperate despite geopolitical tensions

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Janet Yellen said there was “plenty of room” for US and Chinese companies to boost trade and investment despite security tensions during a visit to Beijing aimed at de-escalating tensions between the two countries. Stated.

On Saturday, he spoke at Beijing’s Diaoyutai State Guest House ahead of a meeting with China’s economic emperor He Lifeng. U.S. Treasury Secretary He said the “extensive” of the two economies should be able to interact in a way that was “incontrovertible to both governments.”

“Despite recent tensions, the fact that we have set a record for bilateral trade in 2022 suggests there is plenty of room for our businesses to trade and invest,” Yellen said. ‘ said.

Addressing the prime minister and the economic team in a cavernous room at a guest house, Yellen repeatedly called on China and the United States to step up communication, including on macroeconomic and financial stability.

“With the global economic outlook becoming more complex, there is an urgent need for the two largest economies to stay in close contact and exchange views .

Yellen was visiting Beijing just weeks after Secretary of State Antony Brinken became the first member of the Biden administration to visit China. The visit is part of an effort to stabilize relations that have fallen to their lowest level in decades. An earlier attempt was derailed when China flew what appeared to be a reconnaissance balloon over North America.

Yellen called for greater communication while urging Beijing not to overreact to security measures taken by the Biden administration to prevent U.S. technology from being used to support China’s military. I’m trying to cross the borderline.

“The United States will take targeted actions to protect national security. We may disagree on these actions, but that disagreement can lead to misunderstandings, especially those arising from poor communication, We should not allow the economic and financial relationship between the two countries to deteriorate unnecessarily,” she said.

Yellen met with China’s climate finance experts earlier Saturday. At the meeting, he said the United States and China, the world’s two largest emitters of greenhouse gases and the biggest investors in renewable energy, “have a shared responsibility.” . . lead the way. ”

“If China, alongside our country and other donor governments, supported existing multilateral climate change institutions such as the Green Climate Fund and the Climate Investment Fund, we could have a greater impact than we do today,” Yellen said. ‘ said.

John Kerry, President Joe Biden’s special envoy for climate change, is expected to be the next senior U.S. official to visit China.

The meeting between Yellen and Hee was widely seen as the most important event of the four-day trip.

In addition to being the longest conference, the conference was an opportunity for her team to learn about a relatively unknown protégé of President Xi Jinping outside of China. Since taking office in March, he has kept a low profile in Chinese state media reports.

Appointed deputy prime minister, he succeeded Liu Heng As China’s economic emperor. While Liu was revered abroad as a man who oversaw technocrats at central banks and ministries of finance, his experience was in charge of national planning at the National Development and Reform Commission.

He has argued for greater openness to foreign investment, but as a supporter of Xi Jinping, he is unlikely to resist Beijing’s tendency to exert more control in the hands of state-owned enterprises. There are also concerns.

The meeting was also attended by the next Chinese president, Pan Gongsheng. Central Bank.

Summarize this content to 100 words Get free updates on US-China relationsI will send myFT Daily Digest E-mail summarizing the latest information US-China relations News every morning.

Janet Yellen said there was “plenty of room” for US and Chinese companies to boost trade and investment despite security tensions during a visit to Beijing aimed at de-escalating tensions between the two countries. Stated.On Saturday, he spoke at Beijing’s Diaoyutai State Guest House ahead of a meeting with China’s economic emperor He Lifeng. U.S. Treasury Secretary He said the “extensive” of the two economies should be able to interact in a way that was “incontrovertible to both governments.””Despite recent tensions, the fact that we have set a record for bilateral trade in 2022 suggests there is plenty of room for our businesses to trade and invest,” Yellen said. ‘ said. Addressing the prime minister and the economic team in a cavernous room at a guest house, Yellen repeatedly called on China and the United States to step up communication, including on macroeconomic and financial stability.“With the global economic outlook becoming more complex, there is an urgent need for the two largest economies to stay in close contact and exchange views .Yellen was visiting Beijing just weeks after Secretary of State Antony Brinken became the first member of the Biden administration to visit China. The visit is part of an effort to stabilize relations that have fallen to their lowest level in decades. An earlier attempt was derailed when China flew what appeared to be a reconnaissance balloon over North America.Yellen called for greater communication while urging Beijing not to overreact to security measures taken by the Biden administration to prevent U.S. technology from being used to support China’s military. I’m trying to cross the borderline. “The United States will take targeted actions to protect national security. We may disagree on these actions, but that disagreement can lead to misunderstandings, especially those arising from poor communication, We should not allow the economic and financial relationship between the two countries to deteriorate unnecessarily,” she said.Yellen met with China’s climate finance experts earlier Saturday. At the meeting, he said the United States and China, the world’s two largest emitters of greenhouse gases and the biggest investors in renewable energy, “have a shared responsibility.” . . lead the way. ”“If China, alongside our country and other donor governments, supported existing multilateral climate change institutions such as the Green Climate Fund and the Climate Investment Fund, we could have a greater impact than we do today,” Yellen said. ‘ said. John Kerry, President Joe Biden’s special envoy for climate change, is expected to be the next senior U.S. official to visit China.The meeting between Yellen and Hee was widely seen as the most important event of the four-day trip.In addition to being the longest conference, the conference was an opportunity for her team to learn about a relatively unknown protégé of President Xi Jinping outside of China. Since taking office in March, he has kept a low profile in Chinese state media reports.Appointed deputy prime minister, he succeeded Liu Heng As China’s economic emperor. While Liu was revered abroad as a man who oversaw technocrats at central banks and ministries of finance, his experience was in charge of national planning at the National Development and Reform Commission.He has argued for greater openness to foreign investment, but as a supporter of Xi Jinping, he is unlikely to resist Beijing’s tendency to exert more control in the hands of state-owned enterprises. There are also concerns.The meeting was also attended by the next Chinese president, Pan Gongsheng. Central Bank.
https://www.ft.com/content/d0a21bd6-63eb-4a99-bcd1-63df944cc1d6 Yellen urges US and Chinese companies to cooperate despite geopolitical tensions

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