US Treasury Secretary Janet Yellen visits China as part of efforts to soothe strained relations

News Summary

  • Washington doesn’t use security-related restrictions for economic benefit and considers national security “non-negotiable,” the Treasury official said.The United States wants “healthy economic competition” with China but considers some of Beijing’s trade practices unfair, the official said.
  • Treasury officials have said she wouldn’t meet with Chinese leader Xi Jinping.Washington doesn’t support decoupling, or disconnecting U.S. and Chinese industries and markets, and Yellen will reiterate that message, the Treasury official said.
  • They said Yellen would detail those concerns in meetings with Chinese officials.The official cited this week’s announcement of Chinese export controls on gallium and germanium as an example of policies about which Washington wants more information.
  • Yellen said earlier the two governments “can and need to find a way to live together” in spite of their strained relations over geopolitics and economic development.
  • “The best you can hope for this time around would be if the Chinese agree to some kind of structure for continuing economic conversations,” he said.China’s government has been frustrated by U.S. curbs on Chinese access to advanced processor chips on security grounds.
  • The two agreed to stabilize relations but failed to agree on improving communications between their militaries.Major agreements aren’t expected to come out of the meetings between Yellen and Chinese officials this week, says William Reinsch, a senior advisor at the Center for Strategic & International Studies in Washington.
By JOE McDONALD AP Business WriterBEIJING (AP) Treasury Secretary Janet Yellen plans to tell Chinese officials that Washington wants healthy economic competition but will defend trade curbs impos [+5153 chars]