US Treasury Secretary Janet Yellen, center, waits with others to greet Chinese President Xi Jinping at San Francisco International Airport on November 14, 2023, ahead of Xi's meeting with US President Joe Biden.
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BEIJING — U.S. Treasury Secretary Janet Yellen is scheduled to arrive in China on Thursday before four full days of meetings with Chinese officials.
This is her second trip to the country since the summer, as the United States and China seek to increase high-level contacts in a tense relationship. US Secretary of State Antony Blinken is also scheduled to visit China again later this year.
“I think we expect that at the senior levels, and increasingly at all levels, we will continue to have a sustained, in-depth dialogue,” Yellen told reporters before arriving at the White House. “It's been too long with too little communication, and misunderstandings developing.” China.
Its flight will cover the southern city of Guangzhou — the capital of China's export-heavy province of Guangdong — and the national capital Beijing, according to a press release.
Here's her full itinerary for meetings:
Friday, April 5 – Meeting with Vice Premier He Leveng, Governor of Guangdong Wang Weizhong, and economists and business representatives of the US Chamber of Commerce Saturday, April 6 – Continuation of meetings with Vice Premier He Leveng, Sunday, April 7 – Meeting with Chairman State Li Qiang, Minister of Finance Lan Fu. An, Beijing Mayor Yin Yong, top Chinese economists and students and professors of Peking University, Monday, April 8 – meet with former Vice Premier Liu He and Governor of the People's Bank of China Pan Gongsheng
What will they talk about?
According to the Treasury Department, Yellen will discuss “unfair trade practices and emphasize the global economic consequences of China's excess industrial capacity.”
China has faced increasing global scrutiny over how the country's focus on building its manufacturing capabilities, including using subsidies and policy support to do so, has helped Chinese companies sell products such as solar panels at far lower prices than manufacturers in other countries. .
In March, EU Chamber of Commerce President Jens Eskilund said trade tensions between the EU and China were likely to escalate as a result.
Guangdong is the number one province in China in terms of export value, according to Wind Information.
The province exported nearly 5.4 trillion yuan ($750 billion) of manufactured products last year, two-thirds of which was equipment, according to Tu Gaoqun, director of Guangdong's Department of Industry and Information Technology.
He told reporters last week that the province is “committed” to improving productivity, and noted how it aims to build sectors such as new energy storage, biomanufacturing and commercial aviation.
Tackling “illicit financing”
During her meetings in China, Yellen will work to “expand bilateral cooperation in combating illicit finance, which could lead to important progress in joint efforts against criminal activities such as drug trafficking and fraud,” the Treasury Department said.
She added that Yellen will discuss working to enhance financial stability, address climate change, and resolve the debt crisis in developing countries.
The trip will mark Yellen's third meeting with Deputy Premier He Lifeng, whom the Treasury secretary is also scheduled to meet later this month at the spring meetings of the International Monetary Fund and World Bank Group in Washington, D.C.
He Leveng is also director of the Office of the Central Commission for Financial and Economic Affairs, a position previously held by Liu.
