US Treasury Secretary Janet Yellen, Chinese counterpart He Lifeng begin talks to help lay groundwork for Biden-Xi meeting
- Yellen says ‘use of economic tools for national security purposes’ will be a topic on the agenda for talks in San Francisco
- The dialogue comes days before the start of the Asia-Pacific Economic Cooperation leaders’ summit, where Biden and Xi are expected to meet
US Treasury Secretary Janet Yellen said on Thursday that she would talk to her Chinese counterpart Vice-Premier He Lifeng about “the use of economic tools for national security purposes” as they hold two days of meetings in San Francisco.
Their visit – the second since July, when Yellen visited China – came days before the start of the Asia-Pacific Economic Cooperation leaders’ summit, where US President Joe Biden and Chinese leader Xi Jinping are expected to meet on Wednesday.
Yellen said the US would continue to take “targeted actions to protect our and our allies’ national security”.
“But we are also committed to communicating clearly about these actions to prevent any misunderstandings or miscalculations. And we welcome more clarity on China’s thinking and actions,” she added.
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Yellen hails ‘step forward’ in US-China ties despite national security concerns
Yellen repeated that the US had no desire to decouple the world’s two largest economies, which she said “would be economically disastrous for both our countries, and for the world”.
“We seek a healthy economic relationship with China that benefits both countries over time,” she said on Thursday. “When we have concerns about specific economic practices, such as those that prevent American firms and workers from competing on a level playing field, we will communicate them directly.”