Yellen: Washington does not seek a complete separation of the US and Chinese economies

Washington is not interested in separating the US and Chinese economies, as this would be a “destabilizing factor” for the global economy. This was stated by US Treasury Secretary Janet Yellen at a meeting with Chinese Premier Li Qiang.

“The decoupling of the world’s two largest economies will be a destabilizing factor for the global economy,” leads her words to France 24.

yellen, transmits Reuters, said the US is seeking healthy competition with China in which “the winner does not take all” but both sides benefit by following fair rules. However, the minister criticized Beijing for its recent crackdown on US companies and new export controls on some key minerals. Yellen also urged the Chinese side to carry out market reforms.

The Chinese Ministry of Finance, in turn, said that there are “no winners” in a trade war, calling on the United States to take “concrete actions” to create an enabling environment for the healthy development of economic and trade ties, Reuters notes.

As previously reported, Yellen’s first trip to China will be dedicated to “recalibrating” the relationship between the world’s two largest economies. Prior to flying to Beijing, Yellen met with Chinese Ambassador to the United States appointed in May, Xie Feng, who expressed hope that “Washington will meet Beijing halfway” and “take real action to remove obstacles and contain differences.”

The US Treasury stressed that it adheres to three principles in economic relations with Beijing. This is ensuring their interests in the field of national security and the interests of US allies and the protection of human rights; maintaining healthy economic relations with China that will promote mutually beneficial growth and innovation; cooperation on key global issues (like climate change and the debt crisis).