Desiring to make further efforts, Yellen talks about the achievements of his visit to China in India: establishing flexible and effective communication channels. Responsible person | China | Achievements

Author | First Finance Feng Difan

On the 16th, US Treasury Secretary Yellen delivered another speech on the achievements of his visit to China after arriving in India.

Yellen's visit to Gandhi Nagar, the capital of Gujarat, India, will attend a meeting of G20 finance ministers and central bank governors there. She stated at a press conference that as the world's two largest economies, China and the United States have an obligation to cooperate in areas of common concern for the peoples of both countries and the world.

"Last week's visit was a step forward, laying a stronger foundation for our relationship and establishing flexible and effective communication channels," Yellen said.

According to the website of the Ministry of Finance, on July 10th, when answering media inquiries about Yellen's visit to China, the relevant person in charge of the Ministry of Finance stated that the world needs an overall stable relationship between China and the United States, and whether the two countries can coexist correctly is related to the future and destiny of humanity.

The relevant person in charge of the Ministry of Finance stated that China pointed out during the meeting that a healthy and stable relationship between China and the United States is not only beneficial to both countries, but also to world peace and development. Mutual respect, peaceful coexistence, and win-win cooperation should be the fundamental and correct way for countries to coexist with each other. I hope that the United States will uphold a rational and pragmatic attitude, work together with China to turn the consensus of the Bali meeting between the two heads of state into practical actions, and promote the early return of China US relations to the right track.

Yellen also spoke at the press conference about the four focuses of the United States at the G20 finance ministers and central banks meeting: the debt distress of emerging markets and developing countries, the evolution of multilateral development banks, the Russia-Ukraine conflict, and the global tax treaty.

Yellen said at a press conference on the 16th, "In the meeting with my Chinese counterparts, I emphasized the importance of the two countries working together to address the global challenges we are facing."

Yellen said, "There is still a lot of work to be done. But I believe this visit is an important beginning. I am eager to build on the foundation we have laid in Beijing and take further action."

US Treasury Secretary Yellen at a press conference in Beijing

Previously, the relevant person in charge of the Ministry of Finance stated that during the meeting, China "first explained the essence of mutually beneficial economic relations between China and the United States.".

As the world's largest developing and developed country, the economic relationship between China and the United States has gone through decades of development, with complementary economic structures and close economic and trade exchanges, forming huge common interests. Both countries benefit from each other's development, and the essence of the economic relationship between the two countries is mutual benefit and win-win.

China believes that China's development is an opportunity rather than a challenge for the United States, a gain rather than a risk. Strengthening cooperation between China and the United States is a practical need and the right choice for both countries. The US side stated that it does not seek to decouple from China, as decoupling from the world's top two economies would be catastrophic for both countries and would also bring instability to the world. The US has no intention of forcing countries to take sides and cause fragmentation of the world economy.

The second is to demand that the US take practical actions to respond to China's significant concerns about the US economic sanctions and suppression. In recent years, the United States has introduced a series of economic sanctions and suppression measures against China, which have damaged the legitimate rights and interests of Chinese market entities and undermined the public opinion foundation of bilateral relations. During the meeting and talks, China reiterated its concerns regarding the cancellation of additional tariffs on China, cessation of suppression of Chinese enterprises, fair treatment of two-way investment between the two countries, relaxation of export controls on China, and lifting of bans on products related to Xinjiang. China hopes that the United States will take practical action to respond to China's major concerns in the economic relations between the two countries.

The third is to clarify China's position on healthy economic competition.

The Chinese side believes that to achieve a healthy economic relationship between China and the United States, it is necessary to fully respect the legitimate development rights and interests of all parties, and engage in healthy competition in accordance with market economy principles and WTO rules. Since the reform and opening up, China has established and continuously improved its socialist market economy system, and is currently striving to promote a higher level of opening up to the outside world. China has always been committed to accelerating the creation of a market-oriented, legal, and internationalized first-class business environment. Protect property rights and intellectual property rights in accordance with the law, safeguard the legitimate rights and interests of enterprises, and treat all types of market entities, including foreign-funded enterprises, equally and fairly. China has achieved rapid economic development and has also made positive contributions to global economic growth. Differences should not be the reason for creating barriers, but rather the driving force for strengthening communication and exchange. China and the United States should seek consensus on important issues in the bilateral economic field through frank exchanges, injecting stability and positive energy into their economic relations.

The fourth is to demonstrate China's positive willingness to cooperate in addressing global challenges. The current global challenges of macroeconomic and financial stability, climate change, and debt issues are becoming increasingly severe. Effective response to global challenges cannot be achieved without coordinated cooperation between China and the United States, which is in line with the common interests of both countries and conducive to enhancing the well-being of people around the world.

The relevant person in charge of the Ministry of Finance stated that during Minister Yellen's visit, both sides agreed to maintain high-level exchanges and communication at all levels in the economic field between China and the United States in accordance with the important consensus of the Bali meeting between the two heads of state.

Wang Yong, a professor at the School of International Relations at Peking University and director of the Center for International Political and Economic Studies, recently stated in an interview with First Financial News that "Yellen's visit to China this time sends a signal that as two major countries, China and the United States should strengthen communication and eliminate misunderstandings caused by differences. China and the United States can fully cooperate in stabilizing the global macroeconomic situation and jointly address global challenges, such as climate change. China and the United States should establish a constructive economic and trade relationship to achieve mutual benefit and win-win. This is a relatively positive performance."