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WASHINGTON — Treasury Secretary Janet L. Yellen on Thursday called for a “constructive” and “sound” economic relationship between the United States and China. In this relationship, the two countries work together to meet challenges such as climate change.
Yellen’s comments in her speech at the Johns Hopkins School of Advanced International Studies were very positive on US-China relations after months of heightened tensions between the world’s largest economies. hit the tone.
Ms. Yellen emphasized the importance of securing America’s national security interests and protecting human rights. She also stressed that the targeted actions taken by the United States against China, such as cutting China off from the world’s most advanced semiconductors, are purely aimed at protecting America’s national security.
China criticizes US restrictions on technological development as illegal and a blatant attempt to undermine the Chinese economy. Yellen tried to allay those concerns.
“These national security actions are not intended to gain competitive economic advantage or stifle China’s economic and technological modernization,” Yellen said. said. “Though these policies may affect the economy, they are driven by simple national security considerations.”
She also underscored the strength of the US economy, noting that US economic output still far exceeds China’s.
Relations between the two countries have been strained recently, including the diplomatic blow-up in February after a Chinese spy balloon crossed the United States before being shot down over the Atlantic. It continues to state that it is a rival and a security threat.
Tensions over the future of Taiwan, which China claims as its own territory, also remain high. Many U.S. officials have also grown impatient with the idea of including China in the rules-based international system, arguing that efforts over the past few decades have failed to improve China’s trade practices sufficiently. .
However, Yellen argued that competition between the United States and China could lead to mutual improvement, within certain parameters.
“Sports teams always perform at a higher level by playing against top rivals,” she said. “But this kind of healthy competition is only sustainable if it is fair to both sides.” China has long used government support to support its own companies at the expense of foreign competitors. and its industrial policy is “more ambitious and complex,” Yellen said.
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