Treasury Secretary Janet Yellen gave a speech on Thursday to celebrate the 50th anniversary of the U.S.-China Business Council, emphasizing that the two countries should not economically “decouple.”
In the speech, Yellen emphasized the U.S.’ commitment to continued communication in order to minimize misunderstandings and keep tensions to a minimum, expressing support to keep the U.S. and China’s economies from closing off from each other and decoupling, according to the transcript of Yellen’s speech. Yellen also announced that she will be visiting China in 2024, after previously visiting the country in July in an effort to ease heightened economic tensions related to the ongoing trade war involving the semiconductor industry. (RELATED: Biden’s Sanctions Fail To Keep Sensitive Chip Technology Out Of China’s Hands)
“Continuing to stabilize our relationship to prevent escalation won’t make news,” Yellen said in the speech. “But our economies, our people — and, again, also economies and people around the world — will be safer and more secure.”
The statements did not include mention of the Biden administration’s review of more than $300 billion worth of sanctions on Chinese goods that could be lifted after they were placed by former President Donald Trump, according to the transcript.
Around $31 billion in foreign investment fled the Chinese market in 2023, and another $65 billion is set to be pulled out of the country in the next year as private investors increasingly judge China’s economy as a risky bet. China’s economy has failed to resume growth rates seen before the COVID-19 pandemic as key sectors like manufacturing and real estate struggle.
Biden Treasury Secretary Janet Yellen: “I’m very happy with the outcomes we’ve seen in the economy over the last year or so!”
Just 14 percent of Americans say Biden has made them “better off.” pic.twitter.com/aT3ms57eEI
— RNC Research (@RNCResearch) December 13, 2023
In September, the U.S. launched a pair of working groups with China to facilitate communication between the U.S. Treasury and China’s Ministry of Finance and the Bank of China. The point of the groups is to facilitate communication to ease tensions.
The Biden administration placed sanctions on the Chinese chip industry in October 2022, blacklisting a number of the country’s semiconductor companies from working with U.S. firms, increasing tensions in the ongoing trade war. In turn, China placed restrictions on the U.S. receiving the country’s rare earth metals, which are essential to chip production.
“We will continue to raise concerns on areas where the U.S. and China disagree, from the possible global spillovers of China’s industrial policies to actions China has taken that can disadvantage the private sector,” Yellen said in the speech. “We will also ask for greater transparency on China’s non-market practices and foreign exchange practices.”
The Treasury did not immediately respond to a request to comment from the Daily Caller News Foundation.
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