US Treasury Secretary says China visit helps stabilize bilateral ties

By Al Mayadeen English
Source: Agencies
9 Jul 2023 09:54
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US Treasury Secretary Yellen says both China and the US are responsible to contribute to global prosperity.

Treasury Secretary Janet Yellen testifies before the House Financial Services Committee during a hearing regarding the state of the international financial system at the Capitol in Washington, Tuesday, June 13, 2023 (AP)

During her four-day trip to China, US Treasury Secretary Janet Yellen stated that her discussions with top Chinese officials have contributed to putting ties put ties on "surer footing" between the two largest economies, AFP reported.

At the US embassy in Beijing on Sunday, Yellen addressed journalists, expressing the belief that both countries can thrive in the world. She emphasized the responsibility of both nations to responsibly manage their relationship, coexist, and contribute to global prosperity.

"We believe that the world is big enough for both of our countries to thrive," she told journalists at the US embassy.

Although the trip did not yield specific breakthroughs, it aligns with President Joe Biden's administration's efforts to stabilize relations with China.

"Both nations have an obligation to responsibly manage this relationship: to find a way to live together and share in global prosperity," she added.

Yellen's meeting with Vice Premier He Lifeng was described by Xinhua the official Chinese agency to "strengthen communication and cooperation on addressing global challenges".

On Sunday, Yellen acknowledged the existence of "significant disagreements" between the countries but characterized her discussions as "direct, substantive, and productive."

"My bilateral meetings –- which totalled about 10 hours over two days –- served as a step forward in our effort to put the US-China relationship on surer footing," she said.

"I feel confident that we will have more frequent and regular communication."

Concluding the four-day trip to China, US Treasury Secretary Janet Yellen stated, on Friday, that the decoupling of the US and Chinese economies would be "virtually impossible" as it would result in the destabilization of the global markets.

The Treasury Secretary underscored, during a session with representatives of US businesses hosted by the American Chamber of Commerce in Beijing, that the US has not sought a "wholesale separation of our economies," and explained that "we [US] seek to diversify, not to decouple."

Yellen then added, that "a decoupling of the world's two largest economies would be destabilizing for the global economy," adding that "it would be virtually impossible to undertake."

Significantly, the Treasury Secretary also stressed, during the same session, that Washington was "concerned" about the curbs and that the US was still evaluating the impact of these actions, but they remind us of the importance of building resilient and diversified supply chains."