The United States should show sincerity, overseas online reviews: China US Economic and Trade "Reconstruction Connection" Hearing | Yellen | United States
Data chart: US Treasury Secretary Yellen
Another senior US official will visit China. From July 6th to 9th, US Treasury Secretary Yellen will visit China. The New York Times, The Associated Press, The Guardian, Reuters and many other foreign media outlets immediately followed up on the report, and the high attention from foreign media indirectly indicates the world's expectation for "improved relations between the world's two largest economies.". A healthy and stable relationship between China and the United States is in line with the common interests of both countries and is also a common expectation of the international community. The United States should strengthen dialogue and cooperation with sincerity, and promote the stabilization and return of China US relations to the right track.
This is Yellen's first visit to China as finance minister and the second Biden cabinet member to visit China after US Secretary of State Antony Blinken. As early as January this year, American media repeatedly hinted that Yellen would visit China. Yellen himself has also made positive statements on his visit to China multiple times. In terms of how to view the economic and trade relationship between China and the United States, Yellen's recent statements have released signals of easing the relationship. In April this year, Yellen stated in a speech at Johns Hopkins University that the economic decoupling between China and the United States would be "catastrophic". In June, Yellen reiterated at a hearing in the US House of Representatives that attempting to "decouple" from China would be catastrophic and a major mistake. She also said, "Of course, I don't think it's in our interest to stifle the economic development of the Chinese people. China has successfully lifted hundreds of millions of people out of poverty. I think we should applaud for this."
Based on the recent interaction between China and the United States, it remains to be seen to what extent these easing statements can be translated into action. In recent times, the United States has uploaded contradictory information on how to handle the economic and trade relations between China and the United States. On the one hand, the US leadership, including US President Biden, Secretary of State Antony Blinken and others, has constantly stressed that the US does not seek to contain China and that the US wants to stabilize Sino US relations; On the other hand, the United States has included over 1300 Chinese entities in various control and sanction lists, and has introduced measures such as tariffs, export controls, and investment reviews. The trade war is not yet over, and there is also an industrial and technological war. The US government's approach of saying one thing and doing another is obviously not even fooled by the US media. In a report about Yellen's visit to China, The New York Times said, "The Biden administration has been taking measures to restrict China's access to semiconductor technology, biotechnology, and sensitive technologies that provide power for robots, artificial intelligence, and high-end computing."
Deutsche Welle recently quoted Carter, Deputy Director of the Policy Research Institute of the Asian Association, a think tank in the United States, as saying that China is observing what specific measures the United States has taken to demonstrate that "decoupling" and containing China is not the ultimate goal of the United States. ". There is clearly a lot of work that the United States can do in this regard. For example, the US government should promptly cancel all tariffs imposed on China. According to statistics, the current tariff on Chinese imports of American goods is 7.1%, and the tariff on exports to the United States is 19.7%. Despite such inequality, the bilateral trade volume between China and the United States still reached a historic high of over 690 billion US dollars in 2022. It has been proven that the consequences of the US government's abuse of tariff weapons ultimately fall on American businesses and consumers, and to some extent, have contributed to the high inflation problem that is causing concern for the White House and the Federal Reserve. However, it is regrettable that the US government is still unwilling to let go of this policy that harms others and is not beneficial to itself. The US should lift the 301 tariff imposed on China as soon as possible, relax export controls on China, stop trade restrictions against Chinese enterprises, and create favorable conditions for expanding trade cooperation between the two countries and reducing the trade deficit with China.
Yellen recently stated in an interview with Microsoft National Broadcasting Corporation that she "hopes to establish new contacts" during her visit to China. If the US sincerely seeks to "re establish contacts", it should adopt a rational and pragmatic attitude, work towards China, adhere to the consensus reached at the Bali meeting between the two heads of state, implement relevant positive statements into action, and stabilize and improve China US relations.
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