Treasury Secretary Janet Yellen to meet with senior officials in China this week
NBCJul 09, 2023
Yellen Urges China to Adopt Market Reforms, Says US Not Decoupling
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The Facts
In a speech on Friday at the American Chamber of Commerce (AmCham) in China, US Treasury Sec. Janet Yellen called for market reforms in China and criticized the country's recent tough actions against US companies and new export controls on some critical minerals.
Yellen, who arrived in Beijing Thursday, said China's recent economic moves underscored the need for "resilient" and diverse supply chains, adding that "The US and its allies will fight back against unfair economic practices."
The Spin
Anti-China narrative
Not only has China imposed harsh economic sanctions on US businesses, but it has detained Chinese nationals working for US companies in Beijing. China's economic policies are also connected to its stringent new national security and counterespionage laws, actions that have led the US to warn Americans against traveling to the country. If China keeps this up, it will likely only lead to further severance of ties.
Pro-China narrative
If Washington wishes to improve its poor relations with Beijing, it should start by eliminating tariffs on more than $300B worth of Chinese goods, which are detrimental to China, the US, and the global economy. The US could also relax export restrictions on high-tech exports to China and ensure that Chinese companies operating in the US can operate without interference. China must be treated as an equal partner rather than an enemy.