Yellen says US wants healthy competition with China

U.S. Treasury Secretary Janet Yellen and U.S. Ambassador to China Nicholas Burns meet with representatives of the U.S. business community in China, in Beijing, July 7, 2023. REUTERS/Thomas Peter

BEIJING  – The United States is seeking a healthy competition with China based on fair rules that benefit both countries, not a “winner-take-all” approach, U.S. Treasury Secretary Janet Yellen told Chinese Premier Li Qiang in a meeting in Beijing on Friday.

Yellen, in prepared remarks, told Li she hoped her visit would spur more regular channels of communication between the world’s two largest economies, adding that both countries had a duty to “show leadership” on global challenges such as climate change.

She said Washington would “in certain circumstances, need to pursue targeted actions to protect its national security,” but disagreements over such moves should not jeopardize the broader relationship.

“We may disagree in these instances. However, we should not allow any disagreement to lead to misunderstandings that unnecessarily worsen our bilateral economic and financial relationship,” she said.

Yellen cited Li’s remarks in January at the World Economic Forum in Davos, Switzerland, where he said “differences should not be a cause for estrangement, but a driver for more communication and exchange,” and underscored her hope to expand communication with China.

“We seek healthy economic competition that is not winner-take-all but that, with a fair set of rules, can benefit both countries over time,” she said.