US Treasury Secretary Janet Yellen engaged in talks with her Chinese counterpart, He Lifeng, before the Asia-Pacific Economic Cooperation (APEC) summit. The discussions aimed to ease tensions and address key concerns concerning national security. The bilateral meetings took place in San Francisco, where the APEC summit is set to commence.
The APEC summit is expected to witness a crucial meeting between US President Joe Biden and Chinese leader Xi Jinping. According to sources, the meeting is scheduled for November 15. This meeting holds immense significance as it could impact future relations between the two nations.
Among the topics on the agenda for Secretary Yellen and He Lifeng were concerns related to creating a level playing field for businesses, climate change cooperation, debt distress, and the utilization of economic tools for national security purposes. Secretary Yellen emphasized that the United States would take targeted actions to safeguard national security while also emphasizing the importance of clear communication to avoid misunderstandings.
In his opening remarks, He Lifeng highlighted the significance of regular exchanges and interactions between China and the United States in deepening mutual understanding. He also praised the progress made by economic and financial working groups established since Secretary Yellen’s visit to Beijing in July. He expressed hopes for thorough discussions on economic issues and the global economy as well as the chance to address China’s key economic concerns.
Although the Xi-Biden meeting has not been officially confirmed by either government, both sides have indicated their expectation for it to happen. The White House Press Secretary expressed hope for a constructive conversation between the two presidents in San Francisco, while a Chinese foreign ministry spokesman confirmed that both sides had agreed to work towards the meeting. This would be the first meeting between President Biden and President Xi since their talks in November 2022.
Analysts predict that the meetings between the finance chiefs this week will yield few significant breakthroughs. There are ongoing concerns and tensions in the economic sphere, such as the US extension of semiconductor export control rules and Chinese restrictions on graphite exports. Experts anticipate a rhetorical display of goodwill between the two countries’ leaders, with an underlying understanding that economic security policies will remain in place.
Chinese foreign ministry spokesman Wang Wenbin cautioned that the road to San Francisco is not an easy one. He stressed the need for both sides to eliminate interference and overcome obstacles in order to seek consensus.
In conclusion, Secretary Yellen’s talks with her Chinese counterpart prior to the APEC summit are aimed at fostering cooperation and addressing concerns between the two nations. While there is optimism surrounding the Xi-Biden meeting, experts understand that there are underlying economic security policies that may continue to shape US-China relations. Both sides must navigate challenges to achieve a harmonious outcome.
