Yellen: US seeks 'healthy competition' with China
STORY: “Our relationship is clearly at a tense moment.”
Addressing America’s strained ties with China, U.S Treasury Secretary Janet Yellen Thursday laid out the Biden administration's principal objectives for what she called an "essential" economic relationship between the world's two largest economies.
This as China strikes a more confrontational posture toward the United States and its allies.
In a speech at Johns Hopkins University's School of Advanced International Studies, Yellen said a growing China was in the interest of both countries, as long as it followed global rules.
“Both countries can benefit from healthy competition in the economic sphere. But healthy economic competition – where both sides benefit – is only sustainable if that competition is fair. We will continue to partner with our allies to respond to China’s unfair economic practices.”
Yellen made her remarks amid heightened tensions and pessimism in the U.S.-China relationship over national security issues, including Taiwan and Russia's war in Ukraine.
She took aim at China's "no limits" partnership with Russia, calling it "a worrisome indication” that China is not serious about ending the war.
“It is essential that China and other countries do not provide Russia with material support or assistance with sanctions evasion. We will continue to make the position of the United States extremely clear to Beijing and companies in its jurisdiction. The consequences of any violations would be severe.”
Yellen said she intended to travel to Beijing "at the appropriate time" to meet with her new Chinese counterparts, but Treasury offered no details on the timing of a trip.
