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Yellen Says US Seeks to Diversify, Not Decouple From China
Posted
July 8, 2023
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July 8, 2023
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1:00Now PlayingUS Treasury Secretary Janet Yellen said competition between the world’s biggest economies is not a “winner-take-all” situation, and called for both sides to manage their rivalry with a fair set of rules.
Yellen’s comments were delivered Friday during a meeting with Chinese Premier Li Qiang as she made a long-anticipated trip to Beijing, aimed at finding some common ground between the two superpowers sparring on everything from trade to Taiwan’s security.
“We seek healthy economic competition that is not winner-take-all but that, with a fair set of rules, can benefit both countries over time,” the Treasury chief told China’s No. 2 official, adding that US actions to protect national security should be “targeted.” She also raised “issues of concern,” according to a Treasury statement.
Li also struck a note of optimism, telling Yellen he believed bilateral ties would eventually see a “rainbow,” after going through a period of “wind and rain.” He also urged Chinese entrepreneurs to brace themselves for “hardships” and “look further to the horizon.”
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