Yellen calls on China to abandon its “unfair” economic policy

Yellen said in a speech to the US-China Business Council in… Washington On the occasion of its fiftieth anniversary, it said: “For too long, American workers and American companies have not been able to compete on equal terms with their counterparts in the world.” China“.

She added that if “Beijing moves away from its directed economic approach in the areas of industry and finance, it will be better for China” and it will also be beneficial for American companies.

She stressed that “a very important role for public companies could stifle growth, and an excessive role for security services could hinder investments.”

For his part, Chinese President Xi Jinping confirmed in a letter to the US-China Business Council that the modernization his country is witnessing will benefit American companies.

American companies have long complained about what they see as an unfair business environment in China.

According to Washington, the intellectual property of American companies is not properly protected in China, and the Chinese government gives national companies preferential treatment at the expense of foreign companies.

However, the Chinese President stressed in his message that Beijing “will work steadily to promote openness at a high level to the outside world, and create a business environment based on internationalization, a market economy, and the rule of law.”

Xi stressed in his message that “Chinese modernization will bring more opportunities for global companies, including American companies.”

The message added, according to what was reported by the state-run CCTV network, “There is great potential, broad scope, and promising prospects for enhancing trade cooperation between China and the United States.”

In her speech, the US Secretary stressed the need to manage the inevitable differences between China and…United State In a “responsible” way.

“The United States seeks to continue responsible management of the bilateral economic relationship between the United States and China,” which will continue to “face continuing difficulties,” she said.

She continued, “We are not seeking to resolve all our differences or avoid all shocks. This is not realistic in any way,” noting “strong differences between the United States and China in many areas.”

The world's two largest economies have recently sought to ease the severe tensions that their bilateral relationship has witnessed in recent years.

Several officials from President Joe Biden's administration have made official trips to China, including Yellen.

In November, the US President and his Chinese counterpart, Xi Jinping, held a summit in California, during which they agreed to resume military contacts.

Yellen intends to make a second visit to China in 2024, during which she will discuss with her Chinese counterpart “difficult issues of concern.”

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