US-China economic rivalry not ‘winner-take-all’, US Treasury Secretary Janet Yellen says
- Yellen meets Premier Li Qiang, central bank governor Yi Gang and former economic tsar Liu He on Friday
- Treasury secretary also addresses representatives of American businesses in Beijing on second day of trip
Competition between the United States and China is not a “winner-take-all” scenario, US Treasury Secretary Janet Yellen said on Friday as the world’s two largest economies signalled that further talks may be in the pipeline amid a growing rift over a range of issues, including trade, technology and Taiwan.
“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,” Yellen said during a meeting with Premier Li Qiang on Friday. “The United States will, in certain circumstances, need to pursue targeted actions to protect its national security, and we may disagree [with China] in these instances.
“However, we should not allow any disagreement to lead to misunderstandings that unnecessarily worsen our bilateral economic and financial relationship.”
Yellen added that she hoped her visit to China could “spur more regular channels of communication” between the two countries, despite their disagreements.
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US Treasury Secretary Janet Yellen arrives in China in bid to ease Sino-American tensions
Li told Yellen in Beijing that whether China and the US have the “right” relations is relevant to the future of mankind, party mouthpiece CCTV said on Friday evening.