Yellen urges China to adopt market reforms, says U.S. not decoupling

📆 7/7/2566 23:43:00
📰 inquirerdotnet

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U.S. Treasury Sec. Janet Yellen kicked off a four-day visit to Beijing by calling for market reforms in the world’s second-largest economy and warning that the U.S. and its allies will fight back against what she called China’s “unfair economic practices.”

The U.S. diplomatic push comes ahead of a possible meeting between President Joe Biden and Xi as soon as September’s Group of 20 Summit in New Delhi or the Asia-Pacific Economic Cooperation gathering scheduled for November in San Francisco.

Yellen said she would make clear to Chinese officials that Washington was not seeking “a wholesale separation of our economies,” but would raise concerns about their use of expanded subsidies for state-owned enterprises and domestic firms, barriers to market access for foreign firms, and recent “punitive actions” against U.S. firms.

“A shift toward market reforms would be in China’s interests,” the former top U.S. central banker told the U.S. business executives.

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