Yahoo Finance Janet Yellen arrives in China for bilateral, economic meetings
April 4 (UPI) -- Treasury Secretary Janet Yellen on Thursday arrived in China for a series of bilateral meetings through next Tuesday.
The Treasury Department said Yellen's visit to China "will build on the intensive diplomacy (Yellen) has engaged in to responsibly manage the bilateral economic relationship and advance American interests."
While in China, Yellen's focus will be "on advancing a healthy economic relationship that provides a level playing field for American workers and firms, and furthering cooperation on shared challenges like illicit finance and climate change" between "the world's two largest economies."
"It is critical that we maintain clear channels of communication -- particularly when we disagree," Yellen posted on X ahead of her arrival in the Asian country.
"The American people expect us to responsibly manage this relationship, and the world expects that we work together where we can," she wrote.
Yellen was in Beijing in July where she met with Chinese economic officials where they launched joint economic and financial working groups -- which will report to Yellen and another Chinese official -- ahead of President Joe Biden's meeting months later with China's leader.
Biden met with in Chinese President Xi Jinping at a high-stakes meeting in San Francisco nearly five months ago in November amid escalating tensions between the two world powers.
Speaking to reporters in Anchorage, Ala., the day before on Wednesday, the secretary said there was a goal to "continue to have ongoing and deepening dialogue" with Beijing.
"We went for too long with too little communication, and misunderstandings developed," she said during brief remarks to the press.
The treasury department points to Yellen's April 2023 speech where she "laid out three principles guiding America's economic relationship with (China)" which "continue to guide our engagement today."
They added Yellen's speech outlines how the United States "first seeks to secure our national security interests along with those of our allies and to protect human rights," a "healthy economic relationship with China that provides a level playing field for American workers and firms" and "to cooperate where we can on key bilateral and global priorities."
In meetings with Chinese officials during her visit, the treasury said Yellen "will advocate for American workers and businesses" to ensure they "are treated fairly, including by pressing Chinese counterparts on unfair trade practices and underscoring the global economic consequences of Chinese industrial overcapacity."
Yellen will also work at countering illicit finance which the department says "can drive important progress on shared efforts against criminal activity such as drug trafficking and fraud."
She will arrive in Guangzhou northwest of Hong Kong in southern China at some point on Thursday after leaving Washington.
On Friday, Yellen will take part in a roundtable discussion with economic experts where the group will talk about challenges and opportunities facing China's economy.
The treasury secretary will then meet with Guangdong Governor Wang Weizhong followed by an event with American business representatives based in China where she will deliver remarks.
Later in the day she meet with China's Vice Premier He Lifeng. On Saturday, Yellen will continue and then conclude her bilateral meetings with the vice premier.
Saturday afternoon, Yellen will depart Guangzhou for the nation's capital Beijing in northeast China.
On Sunday, Yellen will participate in a bilateral meeting with Chinese Premier Li Qiang and later with Beijing Mayor Yin Yong followed by a meeting with leading Chinese economists.
That afternoon, Yellen has plans to meet with students and professors at Peking University followed by a meeting with Finance Minister Lan Fo'an.
On Monday, a meeting with China's former Vice Premier Liu He will come before Yellen's bilateral meeting with People's Bank of China Governor Pan Gongsheng. Later in the day, Yellen will deliver remarks at a press conference to discuss her trip.
Yellen is expected to depart Beijing for Washington, D.C. sometime Tuesday and will arrive later that evening local time.
