Janet Yellen, the US Treasury Secretary, expressed her desire to visit China in order to establish contact with Beijing, despite the existing differences between the two nations. The tensions between China and the United States have escalated over the past few years, with both President Joe Biden and his predecessor, Donald Trump, regarding Beijing as the most significant threat to long-term US global dominance.
Nevertheless, the Biden administration has recently taken steps to alleviate these tensions. Yellen revealed during an interview with MSNBC that her intention in traveling to China is to foster renewed communication. She emphasized the need for the new generation of leaders to acquaint themselves with one another. Yellen refrained from providing an exact date for her anticipated visit to Beijing, which Bloomberg has reported will likely occur early next month.
The strained relations between China and the US have been further aggravated by Washington's imposition of export bans on high-end semiconductors and other trade restrictions on the emerging global power. Yellen acknowledged in the interview that the two countries hold differing views on certain matters, asserting that the United States will continue to safeguard its national security interests.
Yellen highlighted that despite the disagreements, healthy economic competition would be advantageous for both nations. She argued that fostering competition that benefits American businesses, workers, as well as Chinese businesses and workers, is a mutually attainable and desirable outcome.
The news of Yellen's potential trip to China follows the recent visit by another high-ranking US official, Antony Blinken, to Beijing. This visit marked the first time in nearly five years that a US Secretary of State had visited China. During his visit, Blinken held discussions with President Xi Jinping, who noted that progress had been made and agreements reached on undisclosed issues between the two global powers.
