U.S. Treasury Secretary Janet Yellen, center, speaks as U.S. Ambassador to China Nicholas Burns, right, and Michael Hart, left, president of the American Chamber of Commerce in China, listen during a roundtable meeting with members of the American business community in Beijing, China, Friday, July 7, 2023. –
“I am communicating the concerns that I’ve heard from the U.S. business community — including China’s use of non-market tools like expanded subsidies for its state-owned enterprises and domestic firms, and barriers to market access for foreign firms,” Yellen said. Treasury officials said earlier Yellen wouldn't meet with Chinese leader Xi Jinping. They said no breakthroughs on major disputes were expected.
U.S. and other foreign companies are uneasy about their status in China following raids on consulting firms, the expansion of a national security law and calls by Chinese leader Xi Jinping and other officials for greater self-sufficiency.