China urges US to create conducive atmosphere for healthy trade ties

08 Jul '23

2 min read

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Insights

China recently urged the United States to take concrete actions to create a conducive atmosphere for healthy bilateral economic and trade ties.
The statement comes in the wake of US treasury secretary Janet Yellen's ongoing visit to Beijing.
“A decoupling of the world's two largest economies would be destabilising for the global economy,” Yellen said.

China recently urged the United States to take concrete actions to create a conducive environment for healthy development of and mutually beneficial cooperation in bilateral economic and trade ties. The Chinese finance ministry said this responding to media queries about US treasury secretary Janet Yellen's visit to China.

“We believe that it is in the best interests of both countries to make sure we have direct and clear lines of communication at senior levels,” Yellen said in a statement after a roundtable in Beijing with US businesses operating in China.

“In the economic realm, regular exchanges with our Chinese counterparts can help us monitor economic and financial risks, and it can help create the conditions for a healthy economic relationship between our two countries,” she said.

The Chinese ministry said that her ongoing visit to China is an important measure to implement the consensus reached at the Bali meeting between both sides and to enhance communication and exchange in the financial and economic fields.

“There are no winners in trade wars or decoupling,” the ministry said.

“During meetings with my counterparts, I am communicating the concerns that I’ve heard from the US business community—including China’s use of non-market tools like expanded subsidies for its state-owned enterprises and domestic firms, as well as barriers to market access for foreign firms. I’ve been particularly troubled by punitive actions that have been taken against US firms in recent months,” Yellen said.

“We seek to diversify, not to decouple. A decoupling of the world’s two largest economies would be destabilising for the global economy, and it would be virtually impossible to undertake,” she added.

Fibre2Fashion News Desk (DS)

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