Mon. Apr 22nd, 2024

Prof. ST Hsieh

Director, US-China Energy Industry Forum

626-376-7460

[email protected]

January 18, 2023

It is encouraging news that US Treasury Secretary Janet Yellen and Chinese Vice Premier Liu He agreed to “enhance cooperation on climate finance on a bilateral and multilateral basis, such as within the United Nations, Group of 20 economies and APEC.”

Most of the news headlines around the world reported the meeting went well, at least both parties finally agreed more than disagreed. Of course, both sides have their bottom-line grievances. But they only “expressed” as concerns to each other. They did not push or insist on the other side to make changes instantly.

Secretary Yellen expressed the US concern about Russia invasion of Ukraine. But Russia is remotely germane to the US-China economic tensions. Rome is not built in one-day, restore to “maintain the overall stability of Chinese-U.S. relations” will take much more efforts and time. But is a fresh re-start as both sides pledged to “further enhance communication around macroeconomic and financial issues.”

We look forward to Secretary Blinken’s meeting with Foreign Minister Qin early next month in Beijing. It should generate more momentum for reducing tensions between the US and China.

Yellen, China’s Liu agree to enhance communication after ‘frank exchange’ – U.S. Treasury

Tue, January 17, 2023 at 9:07 PM PST By Andrea Shalal

ZURICH (Reuters) – U.S. Treasury Secretary Janet Yellen agreed with Chinese Vice Premier Liu He to enhance communication about macroeconomic and financial issues during a “candid, substantive, and constructive” meeting in Zurich on Wednesday, the Treasury said.

In a statement, the Treasury said both sides agreed to enhance cooperation on climate finance on a bilateral and multilateral basis, such as within the United Nations, Group of 20 economies and APEC.

“While we have areas of disagreement, and we will convey them directly, we should not allow misunderstandings, particularly those stemming from a lack of communication, to unnecessarily worsen our bilateral economic and financial relationship,” Yellen said at the start of the meeting.

Liu said both countries need “serious communication” and coordination on issues including climate change and the economy, and that he was ready for an in-depth exchange.

“We do believe that we have to always bear in mind the bigger picture, try to manage our differences appropriately and seek common ground,” Liu said, speaking through an interpreter. “In this way, hopefully we can work together to maintain the overall stability of Chinese-U.S. relations.”

“Both sides agreed it is important for the functioning of the global economy to further enhance communication around macroeconomic and financial issues,” the Treasury said after Yellen and Liu met.

A senior Treasury official said that, during the meeting, which lasted nearly three hours, Yellen and Liu agreed that both countries could take steps to avert recessions in their own economies, and the two delegations had a productive discussion about sovereign debt issues, food security and energy.

“China welcomes Yellen to visit China at an appropriate time this year. Both countries agreed that their economic and trade teams will continue to maintain communications and exchanges at all levels,” it said.

EXPANDING COOPERATION

Yellen and other top U.S. officials say the U.S. economy should be able to skip a recession in 2023, but acknowledge slower growth is likely.

US’s Yellen and China’s Liu seek to ease concerns over economic tensions

China has said it would welcome a visit by Janet Yellen this year after the US Treasury secretary met vice-premier Liu He in Zurich, marking the first top level economic meeting between the powers since Joe Biden took office, as the FT reports.

U.S. Treasury Secretary Yellen and China Vice Premier Liu aim to ease tensions in first face-to-face meeting

Last Updated: Jan. 18, 2023 at 8:01 a.m.

ZURICH (AP) —U.S. Treasury Secretary Janet Yellen met Wednesday with her Chinese counterpart and pledged an effort to manage differences and “prevent competition from becoming anything ever near conflict” as the two nations try to thaw relations.

The meeting comes as the U.S. and Chinese economies grapple with differing, but intertwined challenges on trade, technology and more.

Yellen pushes competition, not conflict with China, in her first in-person meeting with counterpart

FOX: Julia Musto Wed, January 18, 2023 at 8:07 AM PST

NHK: Yellen of US, China’s Liu agree to step up dialogue on economy, finance

Liu He-Janet Yellen meets in Zurich, a bilateral respite that would boost confidence for world economic recovery

By GT staff reporters Published: Jan 19, 2023 12:44 AM

With the meeting between Chinese Vice Premier Liu He and US Treasury Secretary Janet Yellen on Wednesday in Zurich, the ice between the world’s two largest economies showed another sign of breaking, as the world’s two largest economies attempt to soothe their relationship that has grown tense in recent months over technology access and other issues.

The meeting between the  two senior officials of the world’s top two economies is seen by experts as a respite that would offer huge confidence boost for a global economic recovery, particularly at a time of heightened international tensions, while they also called for the US to act responsibly and back the gestures with actions.

The talks were constructive, according to Xinhua.

“The first in-person meeting between Liu and Yellen marks a broader push to increase bilateral communications following talks between the two heads of state. That’s a positive signal that things are progressing,” Gao Lingyun, an expert at the Chinese Academy of Social Sciences in Beijing, told the Global Times on Wednesday.

Positive signal 

Both overseas media outlets and experts view the meeting as a sign of the two countries’ attempts to improve their relationship that has been brittle in recent months over issues like the Taiwan question and technology blockade. 

In the last talk between Liu and Yellen via telephone in July, the two sides agreed that strengthening communication and coordination of China and US macro policies is of significance, and it is beneficial to both countries and the whole world.

Challenges ahead 

At present, the countries are still split on a number of issues, but experts stressed that at a time of heightened international tensions, even a temporary respite due to a meeting between the senior officials of the world’s top two economies would be a huge confidence boost for a recovery in the global economy.

Yellen eyes China trip after ‘constructive’ meeting with top Chinese official

AFP: Nathalie OLOF-ORS

Wed, January 18, 2023 at 9:11 AM PST

The Hill: US, Chinese officials vow improved communication to avoid conflict

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