China-U.S. Communication: Addressing Differences and Seeking Common Ground
(CoinUnited.io) — China’s Ministry of Finance emphasized the importance of communication in a statement regarding Janet Yellen’s visit. They stated that differences should not lead to estrangement but rather serve as a catalyst for strengthened communication and exchanges. The Chinese side raised several issues during the meetings, requesting the removal of tariffs on Chinese goods and urging the U.S. to stop pressuring Chinese companies, among other concerns. Despite increased talks, the overall bilateral relationship has not experienced significant improvement. Prior to Yellen’s arrival in China, its Commerce Ministry announced forthcoming export controls on metals crucial for semiconductor manufacturing. Yellen confirmed that the U.S. is still deliberating investment restrictions on high-end Chinese tech. However, she assured that any curbs on U.S. outbound investments would have a narrow focus.
Preventing Escalation: Establishing Boundaries for Government Actions
Yellen expressed her intention to prevent unintended escalatory actions that could harm the economic relationship between the U.S. and China. In an interview with CBS News’ “Face the Nation,” she attributed the lack of communication between senior officials to the pandemic, which created an environment where misunderstandings could occur. Yellen considered her trip successful in building relationships and providing an opportunity for more frequent contacts between staff at a deeper level.During her visit, Yellen met with key figures, including Premier Li Qiang, who has recently been promoted. According to a senior Treasury official, these meetings were significant as they involved counterparts the U.S. had not previously engaged with extensively. The official described the discussions as substantive, highlighting a five-hour meeting with He Lifeng, a vice premier responsible for China-U.S. economic and trade cooperation. The meeting was termed “constructive” in a state media report.It is important to note that while no single meeting is likely to result in a major breakthrough, the ongoing process of direct communication can contribute to the normalization of relations and support the fragile stability between the two nations, as observed by Scott Kennedy of the Center for Strategic and International Studies.