In a significant move to reinforce economic ties between the world’s two largest economies, U.S. Treasury Secretary Janet Yellen has reiterated the United States’ commitment to maintaining a robust economic relationship with China. Speaking at a press conference in Beijing on Monday, Yellen explicitly stated that the U.S. does not seek to decouple from China.
This visit marks Yellen’s second trip to China in less than a year, highlighting the importance of open communication between the two nations. “A decoupling of the world’s two largest economies would be disastrous for both countries and destabilizing for the global economy,” Yellen remarked. “We seek a healthy economic competition that benefits both of us over time.”
China’s Ministry of Finance responded positively to Yellen’s statements, welcoming the U.S. position against decoupling. In an official statement, the ministry called for an end to sanctions and restrictions targeting Chinese firms, emphasizing a mutual interest in maintaining open economic channels. “Both sides should work together to foster a fair and equitable environment for businesses from both countries,” the statement read.
Both nations reaffirmed their commitments made in November to strengthen communication, prevent decoupling, and address mutual challenges. This renewed dialogue is seen as a positive step by global investors, business professionals, and academics who are keenly observing the developments between the two economic giants.
Experts believe that sustained engagement between the U.S. and China is crucial for global economic stability. The continued collaboration is expected to address shared challenges, including supply chain disruptions and post-pandemic economic recovery, benefiting not only the two countries but the international community at large.
Reference(s):
Yellen affirms U.S.-China economic bonds, rejects decoupling
cgtn.com
