US Treasury chief Yellen kicks off visit to China, attends business leaders roundtable

Yellen, the first Cabinet-level official to visit China since President Joe Biden met Chinese leader Xi Jinping last November, shook hands with the heads of the American and European chambers of commerce in China after arriving for the meeting in the southern industrial hub of Guangzhou.

US Treasury Secretary Janet Yellen on Friday kicked off her visit to Beijing with a meeting to hear the concerns of American, European and Japanese business representatives in China, The Washington Post reported. Secretary of the Treasury Janet L Yellen is on a visit to China for bilateral meetings and other engagements from April 3-9.

Yellen, the first Cabinet-level official to visit China since President Joe Biden met Chinese leader Xi Jinping last November, shook hands with the heads of the American and European chambers of commerce in China after arriving for the meeting in the southern industrial hub of Guangzhou. The American-based publication reported that the US Secretary has telegraphed that she will press concerns during her five-day China trip about what the US considers unfair Chinese trade practices, a concern shared by many European countries.

Secretary Yellen's visit to China will build on the intensive diplomacy she has engaged in to responsibly manage the bilateral economic relationship and advance American interests, the US Department of Treasury said in an official statement. Following initial meetings with China's new economic team last July in Beijing, Secretary Yellen met with her counterpart Vice Premier He Lifeng in San Francisco, California, in advance of President Biden's meeting with President Xi. At Secretary Yellen and Vice Premier's direction, both sides jointly launched Economic and Financial Working Groups, which report to the Secretary and Vice Premier, and which have met three times.

In an April 2023 speech, Secretary Yellen laid out three principles guiding America's economic relationship with the People's Republic of China (PRC). These principals continue to guide our engagement today. The United States proceeds with confidence in our economic strength thanks to our historically strong recovery and the investments the Biden Administration is making in America's productive capacity. The Treasury Department asserted in its statement that in the context of US-China relationship, America first seeks to secure our national security interests along with those of our allies and to protect human rights. Second, the country seeks a healthy economic relationship with China that provides a level playing field for American workers and firms. Finally, we also seek to cooperate where we can on key bilateral and global priorities.

During her engagements in China, Secretary Yellen will advocate for American workers and businesses to ensure they are treated fairly, including by pressing Chinese counterparts on unfair trade practices and underscoring the global economic consequences of Chinese industrial overcapacity. Secretary Yellen will also work to expand bilateral cooperation on countering illicit finance, which can drive important progress on shared efforts against criminal activity such as drug trafficking and fraud. In China, the Secretary will also engage her counterparts on critical work that benefits both the United States and China, as well as the world, including work to bolster financial stability, address climate change, and resolve debt distress among developing nations.

As per the schedule shared on the official website of the US Department of Treasury, Secretary Yellen will hold a meeting with the Guangdong Governor Wang Weizhong after a roundtable discussion with economic experts to discuss challenges and opportunities in the PRC's economy on Friday. In the afternoon, Secretary Yellen will participate in an event with leading representatives of the American business community in China, hosted by AmCham China, and deliver remarks on the bilateral economic relationship. In the late afternoon, Secretary Yellen will begin extended bilateral meetings with Vice Premier He Lifeng.

On Saturday, April 6, Secretary Yellen will continue and then conclude a series of bilateral meetings with Vice Premier He Lifeng. In the afternoon, Secretary Yellen will depart Guangzhou for Beijing. On Sunday, April 7, Secretary Yellen will participate in a bilateral meeting with Premier Li Qiang. Later, Secretary Yellen will meet with Beijing Mayor Yin Yong. In the afternoon, Secretary Yellen will meet with students and professors at Peking University. In the evening, the Secretary will participate in a bilateral meeting with Finance Minister Lan Fo'an. While in Beijing, Secretary Yellen will also meet with leading Chinese economists.

On Monday, April 8, Secretary Yellen will meet with former Vice Premier Liu He of the People's Republic of China. Later, she will hold a bilateral meeting with People's Bank of China Governor Pan Gongsheng. In the afternoon, Secretary Yellen will hold a press conference, during which she will deliver remarks discussing her trip to China.

On Tuesday, April 9, Secretary Yellen will depart Beijing for Washington, DC. (ANI)

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