US Treasury Secretary to visit China

US Treasury Secretary Janet Yellen will visit China from Thursday to Sunday to meet with Chinese officials, the ministry said on Sunday.

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During his stay in Beijing, the finance minister will meet with members of the government “about the importance of responsibly managing (their) relationships as the world’s leading economies”, according to the Treasury Department.

Mrs. Yellen likes to emphasize the need to “communicate directly to address concerns and global challenges.”

“We do not expect any significant improvement (in relations between the two countries) from this visit,” a Treasury Department official said.

“However, we hope to establish constructive discussions and long-term communication channels with China,” the official added.

In April, the Treasury secretary outlined principles to guide U.S. economic relations with China.

The US government first seeks to “protect its national security interests and the interests of its allies.”

It intends to “protect human rights through targeted measures aimed at extracting economic gain from them”.

The US also wants to establish “good economic relations with China that promote growth and innovation” in both countries.

Finally, Joe Biden’s administration wants developing countries to “collaborate on pressing global issues like climate change and debt relief.”

Diplomatic and economic relations between the two countries have gradually deteriorated during Donald Trump’s tenure.

In November, US President Joe Biden met Chinese President Xi Jinping in person for the first time to ease tensions.

In mid-June, Foreign Secretary Anthony Blinken visited Beijing and was received by the Chinese president in what was interpreted as a diplomatic breakthrough.

But Joe Biden called Xi Jinping a “dictator” at a campaign rally in California in late June, which was seen as a “provocation” by Beijing.

The Biden administration last year imposed restrictions on exports of U.S. semiconductors and technology components to China.

Before that, he kept in place tariffs imposed by Donald Trump on hundreds of billions of dollars of Chinese exports to the United States.

“During this visit, we want to deepen and strengthen the relationship between our countries, avoid misunderstandings and expand our cooperation as much as possible,” a Treasury Department official said.

The official said Ms. Yellen also plans to raise with Chinese officials “concerns” raised by China’s new anti-espionage law that took effect on Saturday.

The text gives the government more leeway to combat threats to national security that raise concerns among foreign companies operating in China.

The Treasury Secretary and his teams “need to better understand how this state (China) plans to use this law”.