Amid ongoing trade tensions and technological competition, U.S. Treasury Secretary Janet Yellen embarked on her second visit to the Chinese mainland in nine months. Her trip follows a recent phone call between Chinese Premier Xi Jinping and U.S. President Joe Biden, signaling a potential thaw in the strained relationship between the world's two largest economies.
Yellen, often viewed as a voice of reason within the Biden administration, has consistently argued against the merits of tariffs and vehemently opposes the decoupling of U.S. and Chinese economies. She has warned that such a decoupling would be \\"disastrous\\", emphasizing the intertwined nature of the global economy.
During her visit, Yellen engaged in multiple discussions with high-level Chinese officials, focusing on issues of mutual concern. These talks are seen as a continuation of the consensus reached during the Xi-Biden phone call, aiming to stabilize and potentially improve bilateral ties.
The efforts to enhance U.S.-China relations come at a critical time when both nations face numerous global challenges. Yellen highlighted the importance of responsibly managing the complex relationship and fostering cooperation on pressing issues such as climate change and economic stability.
However, questions remain about whether this diplomatic warmth will translate into substantive policy changes. While the Biden administration has pledged not to seek a complete economic decoupling, actions on the ground, including increased scrutiny of Chinese firms and products under the guise of \\"industrial overcapacity\\" and \\"national security\\", suggest a more complicated reality.
As Yellen's visit unfolds, the international community watches closely to see if the initial signs of improved relations will lead to long-term stability and collaboration between the U.S. and China.
Reference(s):
cgtn.com
