“It is practical, and the correct choice, to beef up bilateral cooperation.”
Yellen said on Sunday in Beijing before her departure that the 10-hour bilateral talks with China’s new economic officials during her visit helped lay the groundwork for surer footing to stabilise the strained relations, and she expected more engagement onward.
Despite her upbeat assessment, rifts still persist, and the US will continue to impose national security restrictions on China’s access to advanced technology.
The US has put more than 1,000 Chinese companies on sanction lists or under export controls, and is mulling new restrictions on US investment in China.
Beijing has repeatedly lashed out at Washington’s alleged abuses of national security, and broad bilateral relations have plumbed new lows in recent years amid a raft of hot-button issues, including tech restrictions, national security, human rights and Taiwan.
She reiterated that the US does not seek to decouple from China, as doing so would be disastrous to both countries.
Differences should not lead to estrangement but should serve as the impetus for closer exchange and communication
The finance ministry statement added that the US said it “was not intent on forcing countries to take sides, as doing so would lead to fragmentation in the global economy”.
“Frank exchanges are needed between the two countries to reach a consensus on important issues in bilateral economy and to inject stability and positivism into economic relations,” the statement added.
It also called for coordination to tackle global challenges such as economy, climate change and debt relief.
“Confronted with severe global challenges, China hopes developed countries including the US will take on responsibilities, and be mindful of concerns in the developing world,” it added.
“Differences should not lead to estrangement but should serve as the impetus for closer exchange and communication.”
