Treasury Secretary Janet Yellen is set to visit Beijing in an attempt to ease tensions between the US and China amid ongoing disputes over geopolitics and economic development.
The diplomatic move: Janet Yellen will meet with Chinese officials, U.S. companies operating in China, and Chinese residents during her visit from July 4 to July 9, aiming to improve the frequency and depth of communication between the two nations.
* While she hopes to make progress in areas of common interest, there are significant disagreements that are unlikely to be resolved through this single visit.
Recent tensions: U.S.-China relations have suffered significant blows with President Biden referring to Chinese President Xi Jinping as a “dictator” and strains over a Chinese surveillance balloon, U.S.-led restrictions on China’s access to advanced computer chips, and ongoing issues about the status and security of Taiwan.
* Yellen’s visit follows Secretary of State Antony Blinken’s two-day stop in Beijing in June, where he met Xi Jinping and agreed to stabilize deteriorated U.S-China ties.
Focus of Yellen’s visit: Yellen aims to stabilize the global economy and challenge China’s support of Russia’s invasion of Ukraine in her visit.
* However, recent developments such as the debt restructuring deal for Zambia at a Paris summit on global finance last week, where China played a major role as Zambia’s biggest creditor, are seen as potential foundations for improved relations.
By the numbers: China shipped over $536 billion worth of goods to the U.S. in the past year, while the U.S. exported $154 billion in goods to China, emphasizing the interlinked nature of the two economies.
What Yellen says: Yellen has stated that a total decoupling between the U.S. and China would be disastrous for both nations and destabilizing for the world, advocating instead for a co-existence despite the strained relations.
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