Biden Administration's Objectives Amid Tensions
Yellen highlights the Biden administration's primary goals for the economic relationship between the U.S. and China amid ongoing tensions impeding high-level meetings. She expresses hope for future discussions with her Chinese counterparts in Beijing.
American Democracy Fuels Economic Success
The United States economic success can be attributed to its people, values, and institutions, as well as its democratic system, Yellen asserts. She emphasizes the importance of protecting the free exchange of ideas and the rule of law for sustainable growth.
Economic Priorities and Healthy Competition
The Biden administration's economic priorities concerning China include securing national security interests, fostering healthy competition, and cooperating on global issues like climate change, debt relief, and macroeconomic stability. Washington will, however, clearly express its concerns about China's support for state-owned enterprises and its aggressive efforts to acquire new knowledge.
Defending Vital Interests and Encouraging Fair Rules
Yellen stresses that the U.S. will not hesitate to defend its vital interests and will not compromise on its concerns. She clarifies that the goal is to avoid gaining a competitive economic advantage. The Treasury Secretary believes that healthy economic competition with a fair set of rules can benefit both countries in the long run.
Urging China to Collaborate on Global Challenges
Yellen calls on China to honor its commitment to work with the United States on macroeconomic issues and urgent global challenges, such as climate change and debt distress. She emphasizes the importance of joint responsibility and cooperation for the betterment of the world.