The relationship between the US and China is now “on a firmer footing“, the US Treasury Secretary Janet Yellen said today, appearing to be optimistic as she completed her four-day official trip to Beijing with the aim of easing tensions between the world’s two largest economic powers.

Ms Yellen, who arrived in the Chinese capital on Thursday, he had meetings with senior Chinese government officials, including the new Premier Li Chiangand did not stop suggesting more exchanges and more cooperation, despite the “big differences” of the two sides.

“In general, I consider that my bilateral meetings – which lasted a total of about ten hours over two days – they were a step forward in our efforts to put US-China relations on a firmer footing“, he emphasized during a press conference he gave at the American embassy in Beijing before departing from the Asian giant.

The visit, Ms Yellen’s first since taking office in 2021, followed one made a few weeks ago by US Secretary of State Anthony Blinken. as part of the effort he says Joe Biden’s administration is making to stabilize strained relations.

“The two nations have an obligation to manage this relationship in a responsible way: to find a way to live together and share global prosperity,” Mrs. Yellen also ruled, emphasizing the “vital” importance of high-level contacts.

“We believe that the world is big enough for both our countries to prosper,” he added.

Although no major progress or agreement was announced, China’s official Xinhua news agency noted that a meeting between Ms. Yellen and Chinese Premier He Lifeng on Saturday allowed the two sides to agree “in enhancing communication and cooperation to address global challenges”.

“Big Disputes”

However, the American Finance Minister acknowledged in her interview that there are “big disagreements” between the two governmentss, although he assured that the talks he had in Beijing were “direct, substantial and productive”.

Among the key points of friction lately has been microchips, after restrictions were imposed in recent months on the supply of American technology to Chinese companies.

China, which wants to gain autonomy in this field, complains that the US measures are aimed at hindering their development and maintain American technological superiority.

The US will continue “targeted actions” aimed at protecting its national security, Ms Yellen said.

He assured at the same time that “it is important to note that our actions are motivated by (…) national security concerns. We don’t use them to gain financial advantage.”

He also expressed Washington’s “serious concerns” about the “unfair trade practices» of Beijing.

By this term the US refers to the barriers raised regarding the entry of foreign companies into the Chinese market and problems related to the protection of intellectual property.

“I also expressed my concerns about the recent resurgence of enforcement measures against American companies,” Ms. Yellen said, referring to the investigations that targeted auditing firms in China.

“More Enthusiastic”

Although Ms. Yellen wanted to sound optimistic, “the announcement of any tangible progress and any major outcome” would likely preferred to be done by the leaders of the two countries, Presidents Joe Biden and Xi Jinpingsaid Yun Sun, director of the Stimson Center’s China Program.

However, she emphasized that “the two countries have not had this level of communication and consultation for years”.

Last month, Mr Biden said he was confident he would meet his Chinese counterpart soon.

Their next meeting is scheduled for the end of the year.

Ms. Yellen spoke on her trip in favor of “healthy competition, not the law of the strongman,” pointing out, however, that “healthy competition” is “sustainable” only “if it benefits both sides.”

In general, the behavior of the Chinese leadership towards the US Treasury Secretary appeared to be “more enthusiastic” than the one reserved for the head of American diplomacy, Mr. Blinken, noted Wu Xinbo, director of the Center for American Studies at China’s Fudan University.

“Ms. Yellen is considered a professional by the Chinese, and its behavior towards economic and trade relations between China and the US is comparatively reasonable“, he explained, stressing that the minister opposes the idea of ​​disconnecting the two economies: he said today that it would be a “disastrous” development.

Taylor Fravel of MIT (the Massachusetts Institute of Technology) calls for optimism to be restrained: “I don’t think a visit or a conversation alone can achieve the goal of stabilizing the relationship.”

However, it can show that there is a will to continue the bilateral economic cooperation“despite political friction and competitive actions aimed at limiting China’s access to certain technologies, such as semiconductors.”