Home Business Yellen’s Beijing trip: China hopes U.S. to lift tariffs, relax export controls

Yellen’s Beijing trip: China hopes U.S. to lift tariffs, relax export controls

China hopes the U.S. side will take concrete actions to respond to China’s major economic concerns, including lifting tariffs and relaxing export controls, said China’s Ministry of Finance while commenting on U.S. Treasury Secretary Janet Yellen’s visit to China.

The U.S. treasury secretary met with Chinese Premier Li Qiang and Vice Premier He Lifeng and held talks with several Chinese officials during her four-day visit. She concluded the visit on Sunday.

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The ministry said in a statement on Monday that the meetings and talks between Yellen and senior Chinese officials were “frank, pragmatic, in-depth and constructive” and that China hopes the U.S. side will meet it halfway with a rational and pragmatic attitude and work together to bring China-U.S. relations back on track at an early date.

Talking about the common challenges China and the U.S. face, the statement said the “decoupling” of the world’s two largest economies would be disastrous for both countries, as they have formed huge common interests after decades of economic and trade exchanges. China believes its development is an opportunity rather than a challenge and a benefit rather than a risk to the U.S., the statement said.

The ministry said that during a series of talks with Yellen’s team, China reiterated its concerns in bilateral economic relations and asked the U.S. side to lift tariffs, treat Chinese investment fairly, relax export controls and cancel prohibitions on Xinjiang-related products.

China also clarified its position on China-U.S. economic competition in the talks, the ministry added. It said China is now striving to open up to the outside world at a higher level and is committed to accelerating the development of a market-oriented, law-based and internationalized business environment.

China pledges to protect intellectual property rights in accordance with the law, safeguard the legitimate rights and interests of enterprises and treat all market entities, including foreign-funded enterprises, equally and fairly, the statement said.

“Differences should not be a reason for estrangement but rather a driving force to strengthen communication and exchange,” read the statement.

The ministry also urged strengthening China-U.S. coordination and cooperation to address global challenges, such as financial stability, climate change and debt issues. However, it also said that developed countries, including the U.S., should understand the concerns of developing countries and do more to promote global common development.

Both sides also agreed to maintain high-level economic exchanges and communication at all levels in accordance with the important consensus reached at the Bali Summit between the two heads of state last November in Indonesia, according to the ministry.

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