US Treasury Secretary Yellen arrives in Beijing

Yellen’s trip follows President Joe Biden’s “directive after his meeting with President Xi last November to deepen communication between the US and the PRC on a range of issues, including on the global macroeconomy and financial developments,” the Treasury Department said in a statement on Sunday.

While in Beijing, Yellen will discuss with Chinese officials the importance of both countries “as the world’s two largest economies – to responsibly manage our relationship, communicate directly about areas of concern, and work together to address global challenges.”

While the trip will mark another high-level engagement between Washington and Beijing during a critical time in the relationship, no “significant breakthroughs” are expected and the conversations over Yellen’s three-day trip will be both “constructive” and “frank,” according to a senior Treasury official. She is not expected to meet with Chinese President Xi Jinping, according to the official.

The trip is also the first face-to-face meeting between Yellen and her Chinese counterpart since a new economic team took over in Beijing, the official said, adding it will give them the opportunity to make “serious connections.”

Along with other US officials, Yellen has long signaled the Biden administration’s desire to deepen communication and lower the temperature between the world’s top two economies.

In testimony before Congress in April, Yellen stressed the importance of maintaining ties with China and said that “decoupling would be a big mistake,” though she noted that alleged human rights abuses in China and questionable trade policies must be “addressed.” In June, she told a group of top American CEOs that it is critical for the US to work with China on specific and urgent global challenges.

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