Beijing: In an effort to repair the strained relations caused by disagreements over security, technology, and other irritants, Treasury Secretary Janet Yellen arrived in Beijing on Thursday. She will meet with Chinese leaders during her time there.
According to Treasury officials in Washington who briefed reporters prior to the trip, Yellen intended to concentrate on bringing the world economy back into balance and addressing China's support for Russia during its invasion of Ukraine.
the secretary was scheduled to meet with Chinese officials, American businesspeople, and the general public. They did not elaborate, but they did state that Yellen would not meet with Chinese President Xi Jinping.
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The highest-level US visit to Beijing in the previous five years, during which Secretary of State Antony Blinken met Xi, is followed by Yellen. Although the two sides agreed to keep things calm, they couldn't come to terms on how to improve military coordination.
Earlier, Yellen issued a cautionary statement against the decoupling of US and Chinese markets and industry. Businesses have warned that as both governments tighten controls on trade in technology and other goods deemed sensitive, the world may split into separate markets, slowing innovation and economic growth.
In spite of their tense relations over geopolitics and economic development, the two governments "can and need to find a way to live together," according to Yellen.
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The latest incident started when President Joe Biden called Xi a dictator. The Chinese protested, but Biden said he would "just not change very much" from his direct remarks about China.
Disagreements over technology, security, China's assertive foreign policy, and competing claims to the South China Sea and other areas of land have strained relations.
On the basis of national security, Washington has tightened the restrictions placed by Biden's predecessor, Donald Trump, on China's access to processor chips and other US technology.
Relations deteriorated significantly after a Chinese spy balloon was shot down over the US in February.
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This week, Beijing announced vague restrictions on the exports of gallium and germanium, two metals used in the production of semiconductors, solar panels, missiles, and radar as a response to US technology controls.