Janet Yellen expresses worry over Chinese treatment of US firms during Beijing visit.
Treasury Secretary Janet Yellen Criticizes China’s Treatment of Foreign Firms
Treasury Secretary Janet Yellen has expressed her concerns about China’s strict measures against foreign companies, particularly those from the United States. During her diplomatic visit to Beijing on behalf of the Biden administration, Yellen highlighted the hostile conditions American businesses face in the communist nation. She also raised the issue of Chinese government’s export restrictions on minerals used for semiconductor chips.
Improving Economic Cooperation
The purpose of Yellen’s visit was to enhance economic cooperation between the United States and China. However, she did not shy away from addressing the challenges faced by American firms in the Chinese market.
“During meetings with my counterparts, I am communicating the concerns that I’ve heard from the U.S. business community — including China’s use of nonmarket tools like expanded subsidies for its state-owned enterprises and domestic firms, as well as barriers to market access for foreign firms,” Yellen said on Friday.
“I’ve been particularly troubled by punitive actions that have been taken against U.S. firms in recent months,” she added.
The Biden administration has already imposed significant restrictions on U.S.-China trade, including limitations on the sale of chipmaking technology. Further restrictions are being considered, potentially impacting artificial intelligence chips, U.S. technology investment in China, and China’s access to U.S. cloud computing services.
Despite her criticisms, Yellen reassured Chinese government officials that the economic measures taken by the U.S. due to national security concerns should not be seen as antagonistic. She emphasized the importance of fostering a “healthy competition” between the two largest economies in the world.
“The United States will, in certain circumstances, need to pursue targeted actions to protect its national security. And we may disagree in these instances,” Yellen said. “However, we should not allow any disagreement to lead to misunderstandings that needlessly worsen our bilateral economic and financial relationship.”
Yellen’s visit follows Secretary of State Antony Blinken’s trip to Beijing, as the Biden administration seeks to ease tensions between the two nations. Her visit, which began on Thursday, will conclude on Sunday.
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