US Treasury Secretary Janet Yellen (L) shakes fingers with Chinese Vice Premier He Lifeng throughout a gathering on the Diaoyutai State Guesthouse in Beijing on July 8, 2023.
Mark Schiefelbein | AFP | Getty Images
WASHINGTON — Treasury Secretary Janet Yellen will host her Chinese counterpart, Vice Premier He Lifeng, for two days of “intensive diplomacy” in San Francisco on Nov. 9-10, the Treasury Department announced Monday.
The bilateral talks are half of a broader push between American and Chinese officers to make progress on particular points, ahead of an anticipated assembly between President Joe Biden and Chinese President Xi Jinping on the sidelines of the Asia Pacific Economic Cooperation discussion board subsequent week.
China has not but confirmed Xi’s attendance on the California summit, however U.S. officers have stated they’re optimistic.
“Our two nations have an obligation to set up resilient strains of open communication and to stop our disagreements from spiraling into battle,” Yellen wrote Monday in an op-ed for The Washington Post. “But we additionally know that our relationship can’t be circumscribed to disaster administration.”
The Treasury Department is tasked with implementing an August executive order that calls for the stricter regulation of high-tech exports to China from U.S. firms that produce semiconductors, quantum expertise and synthetic intelligence.
“As we take these actions, our coverage is to clearly articulate their intent and design to different nations, together with China, to scale back the chance of misunderstanding and miscalculation,” Yellen wrote.
China, nonetheless, stays a prolific buying and selling associate with the U.S. Chinese imports and exports ranked third amongst all buying and selling companions this yr, in accordance to the Commerce Department. Yellen and Vice Premier He have additionally sought to broaden buying and selling potential by economic and financial working groups launched in September.
The teams will “present ongoing channels for our groups to drill into the substance of financial and monetary coverage points,” Yellen wrote within the Post.
Ongoing discussions with He will tackle applicable responses to obstacles posed by China’s noncompliance with market principles, similar to “dumping” exports into the U.S. market at a decrease than established market worth, and coercion of much less distinguished buying and selling companions.
“In sure sectors, these unfair practices have resulted within the overconcentration of the manufacturing of vital items inside China,” Yellen wrote, however added {that a} “private-sector pullback” from China would set off dysfunction.
“Diverse provide chains are obligatory in a unstable world; decoupling our economies can be economically disastrous and run counter to our nationwide pursuits,” Yellen wrote.