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Treasury Secretary Yellen criticizes China's treatment of US companies

China holds the bulk of America's debt, and the U.S. is China's largest trading partner.
Treasury Secretary Yellen criticizes China's treatment of US companies
Posted at 5:45 AM, Jul 07, 2023

Treasury Secretary Janet Yellen continues her four-day visit to China this Friday.

During a meeting with business executives in Beijing, Yellen called out China’s harsh treatment of U.S. companies and asked for changes.

She is in China to try to stabilize economic relations between the two superpowers.

Yellen says she wanted the concerns of American businesses to be known to Chinese officials.

"I've been particularly troubled by punitive actions that have been taken against U.S. firms in recent months. I'm also concerned about new export controls recently announced by China on two critical minerals used in technologies like semiconductors. We're still evaluating the impact of these actions, but they remind us of the importance of building resilient and diversified supply chains," said Yellen.

SEE MORE: The evolution and future of the US-China relationship

Yellen also told Chinese Premier Li Qiang that the U.S. is seeking "healthy economic competition" with China based on "a fair set of rules that will benefit both of our countries."

She says the idea of decoupling from Beijing would be "destabilizing for the global economy, and it would be virtually impossible to undertake."

In response, Qiang remained hopeful for improved conditions and said  “after a round of wind and rain, we will definitely see more rainbows.”

China holds the bulk of America’s debt, and the U.S. is China’s largest trading partner.

Yellen joins a delegation of senior U.S. officials on a mission to reinvigorate government-to-government relations with China, and the top priority for this visit will be the same, which is to ease tensions between the world's two largest economies.

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