US-China Ties On 'Surer Footing': US Treasury Secretary Janet Yellen Says One Visit Won't Resolve Challenges

Yellen said the US and China remained at odds on a number of issues but she expressed confidence that her visit has advanced U.S. efforts to "put the U.S.-China relationship on surer footing.”

US Treasury Secretary Janet Yellen shakes hands with Chinese Vice Premier He Lifeng during her Beijing visit.

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US Treasury Secretary Janet Yellen said her “direct” and “productive” 10 hours of bilateral meetings with Chinese officials helped stabilise the often rocky relationship between the US and China during her four-day visit to Beijing. Speaking at a press conference, Yellen said the US and China remained at odds on a number of issues but she expressed confidence that her visit, concluding on Sunday, has advanced U.S. efforts to "put the U.S.-China relationship on surer footing,” reported Reuters.

"The U.S. and China have significant disagreements," Yellen remarked during the press conference at the US embassy in Beijing citing Washington's concerns about what she called "unfair economic practices" and recent punitive actions against U.S. firms.

"But President (Joe) Biden and I do not see the relationship between the U.S. and China through the frame of great power conflict. We believe that the world is big enough for both of our countries to thrive."

The US Treasury Secretary's visit comes as the latest among a series of attempts to mend ties between the two economic power centres of the world, battered over issues from Taiwan to technology that has drawn their allies into their rivalry, having an impact on companies and trade ties.

"No one visit will solve our challenges overnight. But I expect that this trip will help build a resilient and productive channel of communication with China's new economic team," she said.

Last month, US Secretary of State Antony Blinken visited Beijing, the first visit by the top U.S. diplomat of the Biden presidency, while climate envoy John Kerry is expected to visit China this month.

Earlier during her trip on Friday, Yellen had expressed concern over harsh treatment by the Chinese government towards companies with foreign ties and its recent decision to impose export controls on certain critical minerals. 

Criticising the Chinese government's treatment, Yellen justified the Biden administration’s efforts to make U.S. manufacturers less reliant on China, as per a New York Times report. On her first day of meetings in Beijing, Yellen delivered a forceful defence of American industry during a high-stakes trip to ease tension between the United States and China.

Addressing a group of executives from American businesses operating in China, her comments underscored the challenges that the world’s two largest economies face as they look to move beyond their deep differences.