Janet Yellen arrives in Beijing on a mission to find common ground for the US and China

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Treasury Secretary Janet Yellen landed in Beijing on Thursday on a four-day trip with the goal of finding common ground as the US-China rivalry grows increasingly acrimonious.

Yellen’s trip marks a deeper thaw in US-China ties and comes weeks after Secretary of State Antony Blinken’s visit to Beijing last month, which was the first high-level meeting between the two countries after of months of tensions.

«Basically, the two sides are talking, trying to find the strategic space for both sides to operate, and this will be very good for the rest of the world,» said Andrew Sheng, a distinguished fellow at the Global Asia Institute at the University of Hong Kong. he told CNBC on Thursday.

Yellen’s trip comes a few days later China abruptly imposed restrictions on the export of metals for chip making and its compounds, escalating Beijing’s tech war with the United States and Europe.

Before leaving for China, Yellen had a «frank and productive talk» with Xie Feng, the Chinese ambassador to the US, according to the US Treasury.

«While I’m in Beijing, Secretary Yellen will discuss with [People’s Republic of China] officials the importance of our countries, as the world’s two largest economies, responsibly managing our relationship, communicating directly about areas of concern, and working together to address global challenges,» the Treasury Department said. said sunday.

In an April speechYellen highlighted the importance of equity in the US economic competition with China.

she sketched three economic priorities for the US-China relationship: ensuring national security interests and protecting human rights, fostering mutually beneficial growth, and cooperating on global challenges like climate change and the debt overhang.

A senior administration official told reporters on Sunday that Yellen’s visit will underscore these objectives.

“We are not looking to decouple our economies,” the official said. «A complete cessation of trade and investment would be destabilizing both for our countries and for the world economy.»

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