US, Chinese finance ministers lay groundwork for Biden-Xi meeting
Treasury Secretary Janet Yellen says the United States has no desire to break economic ties with China
WASHINGTON — Treasury Secretary Janet Yellen said the U.S. has no desire to break economic ties with China as she began two days of talks with her Chinese counterpart on Thursday. The finance leaders are aiming to make progress on a slew of economic issues at a time when competition has markedly intensified between their countries.
Yellen's talks with Vice Premier He Lifeng are designed to help lay the groundwork for an expected meeting between President Joe Biden and Chinese President Xi Jinping next week on the sidelines of the Asia-Pacific Economic Cooperation summit in San Francisco, which would be their first engagement in nearly a year.
The White House is not expecting Biden's meeting with Xi to result in major changes to the relationship between the two nations, according to a person familiar with the planning, although it hopes to see some signs of progress.
«We seek a healthy economic relationship with China that benefits both countries over time,» Yellen said according to prepared remarks. “When we have concerns about specific economic practices, such as those that prevent American firms and workers from competing on a level playing field, we will communicate them directly.”
Analysts say expectations should be kept low, given the competitive nature of the countries' relationship.
Nicholas Szechenyi, deputy director for Asia at the Center for Strategic and International Studies, said at a preview event for the APEC summit that “it seems difficult for the United States to credibly emphasize themes such as inclusiveness, interconnectedness — the themes of this year’s APEC summit — when the primary driver for
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