U.S. Treasury Secretary Janet Yellen testifies before the Senate Financial Services Appropriations Subcommittee March 22, 2023 in Washington, DC.
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Treasury Secretary Janet Yellen will travel to beijing Meetings with senior Chinese officials are due this week.
Yellen is expected to discuss a number of macroeconomic and financial issues and how the U.S. and China can “manage our relationship responsibly, communicate directly on areas of concern and work together to address global challenges,” the U.S. Treasury Department said.
A senior administration official told reporters that the purpose of the trip was to “deepen and increase the frequency of communication between our two countries, stabilize relations, avoid miscommunication, and expand cooperation as much as possible.”
However, the official pointed out that the Biden administration does not expect Yellen’s trip to achieve major breakthroughs. The Treasury said it would provide more details about her travels at a later date.
Chinese state broadcaster CCTV confirmed Yellen will visit from July 6-9.
Yellen’s trip comes weeks after Secretary of State Anthony Blinken met with Chinese President Xi Jinping in Beijing.
Yellen outlined in a speech in April three economic priorities The core objectives of Sino-US relations are to ensure national security interests, promote mutually beneficial growth, and cooperate to address global challenges such as climate change and debt distress. Yellen’s visit will underscore those goals, the official said.
“We are not seeking to decouple our economies, and a complete cessation of trade and investment would destabilize our two countries and the global economy,” the official said.
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