Secretary Yellen emphasized the significance of cooperation between the US and China in addressing global challenges during a press conference before the G20 meeting. She highlighted the need for constructive dialogue and collaboration, particularly after her recent visit to Beijing.
"It is my belief that a wide swathe of our economies can interact in ways that are uncontroversial to both governments," U.S. Secretary of Treasury Janet L. Yellen said.
According to a press release issued on July 8, Secretary Yellen reiterated the significance of cooperation between the United States and China in addressing global challenges during a press conference held before the Third meeting of G20 Finance Ministers and Central Bank Governors (FMCBG) under the Indian G20 Presidency, which took place in Gandhinagar, Gujarat on July 17-18, 2023. She emphasized the importance of constructive dialogue and collaboration between the two nations, particularly in light of her recent visit to Beijing, where she worked towards establishing a resilient communication channel between the United States and China.
Secretary Yellen expressed her optimism about the progress made during her visit, stating, "There is much more work to do. But I believe this trip was an important start. I am eager to build on the groundwork that we laid in Beijing to mobilize further action." Her emphasis on the need for continued efforts and cooperation reflects the shared recognition of the complex global challenges that require collective action and solutions.
According to the press release, in furthering economic engagement, Secretary of the Treasury Janet L. Yellen held an introductory meeting with Vice Premier He Lifeng of the People's Republic of China on July 8, 2023. This meeting, guided by the vision of President Biden and President Xi, aimed to strengthen economic ties and promote mutual understanding between the two nations. The discussions primarily focused on macroeconomic issues and sought to foster constructive dialogue between key senior officials.
During the meeting, Secretary Yellen underscored the potential for mutually beneficial economic interactions between the United States and China. She highlighted the remarkable achievement of record-breaking bilateral trade in 2022, expressing her optimism about the ample room for firms from both countries to engage in trade and investment. Secretary Yellen noted, "It is my belief that a wide swathe of our economies can interact in ways that are uncontroversial to both governments."
In addressing global challenges, Secretary Yellen emphasized two critical areas that require cooperation between the United States and China: debt distress in emerging markets and developing countries, as well as climate change—both of which are key priorities for the G20. She stressed the shared responsibility of both nations to collaborate, not only for the benefit of their own countries but also for the well-being of the global community.