Washington DC [US], January 7 : US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng on Monday engaged in discussions on macroeconomic developments in both nations. Yellen during her discussions also addressed several US concerns, including China's non-market policies, industrial overcapacity, and state-sponsored cyber activities, highlighting their adverse impact on bilateral economic relations.
The US Department of the Treasury in a readout said, "Secretary of the Treasury Janet L. Yellen met virtually today with Vice Premier He Lifeng of the People's Republic of China as part of her efforts to responsibly manage the bilateral economic relationship. Secretary Yellen and Vice Premier He discussed macroeconomic developments in both countries. They also reviewed the work of the Economic and Financial Working Groups that they jointly established last year."
"Secretary Yellen raised issues of concern, including those related to China's non-market policies and practices and industrial overcapacity, which harm US workers and firms, and unless addressed, will continue to adversely affect the US-China bilateral economic relationship," the readout added.
She underscored the significant consequences that companies, including those in China, would face if they provide material support for Russia's war against Ukraine. Secretary Yellen also expressed serious concern about malicious cyber activity by PRC state-sponsored actors and its impact on the bilateral relationship.
The US Department of the Treasury further said, "The virtual call was candid, in-depth, and constructive, and both sides agreed about the importance of communication and contact."
Notably, China has been increasingly being viewed with skepticism by American businesses, with many scaling back their operations or shifting investments elsewhere, the Wall Street Journal had reported.
The change in sentiment comes as both Beijing's economic troubles and US government policies make it harder for American companies to succeed in China.
According to the Wall Street Journal, During Donald Trump's first term, US companies, including tech giants like Apple and Nike, voiced concerns that a trade war with China could hurt American consumers through higher tariffs and retaliatory trade barriers. However, as Trump prepares for his second term, the mood has shifted. Many American businesses, once eager to tap into China's vast consumer market, are now reassessing their positions, as stated by the Select Committee on the Chinese Communist Party.
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