US Treasury Secretary Janet Yellen said in a speech yesterday that the US wants a “constructive and fair economic relationship” with China, confirming that Washington is sticking to its position on protecting its national security.
Yellen’s speech at Johns Hopkins University in Washington comes as tensions rise between the world’s two largest economies, with China’s new foreign minister, Chen Gang, accusing Washington of stoking tensions between the two powers last month and warning of “conflict and confrontation”.
However, Yellen affirmed that the United States is committed to its values and its belief in protecting national security.
In this context, we want a constructive and fair economic relationship with China.
Yellen stressed the need for the two countries to “openly discuss difficult issues” and work together when possible.
“We will continue to partner with our allies to respond to China’s unfair economic practices,” Yellen said, insisting that “fair economic competition” must be maintained. He added that China has expanded its support to state-owned enterprises and domestic private companies to “dominate foreign competitors”. Yellen emphasized that while some US national security actions may have economic consequences, these actions are “driven solely by our concerns about security and values.” “Our goal is not to use these tools to achieve competitive economic superiority,” he said. Yellen rejected the idea that US national security measures are aimed at stifling China’s economic and technological modernization. Chinese President Xi Jinping has previously criticized the US, saying the US is leading the way to suppress and suppress China.
China’s technological ambitions have been hampered by restrictions imposed by the United States and its allies, while Chinese officials have emphasized the need to stay away from exports related to sectors considered key to national security, such as semiconductors. Despite the differences between the two parties, Yellen stressed the need to cooperate on pressing global challenges.
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