Treasury Secretary Janet Yellen believes that US and China must work together despite the recent tensions between the two superpowers.
Speaking at Johns Hopkins University's School of Advanced International Studies in Washington, Yellen emphasized the importance of both economic sanctions against China to protect US national security interests and cooperation between the nations to address the "urgent global challenges of our day," AP News reported.
In a friendly tone, she denounced China's corporate practices and violations of human rights in Xinjiang, Hong Kong, and Tibet while also stating that there is "a future in which both countries share in and drive global economic progress."
To promote innovation and prosperity in both China and the United States, Janet Yellen underscored that the US government seeks "a healthy economic relationship with China."
After attempts to defuse tensions were thwarted two months ago when a suspected Chinese surveillance balloon floated over the US, relations between the two nations have deteriorated to their lowest point in decades.
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US-China Tensions Could Become a 'New Cold War'
Beijing claims that Washington is restricting its capacity to establish a high-end semiconductor sector to stem its ascent. Additionally, it asserts that the US is assisting Taiwan in fighting back against its long-term objective to subdue the island, per the Financial Times.
Chinese officials are angry that their American colleagues use critical language in remarks that are supposed to be about bettering ties.
However, Yellen stated that open communication about "difficult issues" was necessary for both nations.
Janet Yellen made her comments at a time when tensions and doubts in the relationship between the US and China have reached a peak due to national security concerns such as Taiwan, the Russia-Ukraine war, increased export restrictions on technological advancements by the United States, and China's state-led industrial policy,
Last week, Kristalina Georgieva, the managing director of the International Monetary Fund, cautioned that supply chain "friend-shoring" and associated conflicts could escalate into a new Cold War, obstructing the global economy, according to Reuters.
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