US Treasury Secretary Yellen said that decoupling from China would be a "huge mistake". Increase in actions, funds, decoupling, should, China, Yellen, and the United States
Washington, June 13 (China News Agency) - US Treasury Secretary Yellen stated at a congressional hearing on June 13 that decoupling from China would be a "huge mistake" and "absolutely not".
Yellen attended the hearing of the Financial Services Committee of the House of Representatives on the same day. Yellen said, "Although there are issues that need to be resolved, decoupling from China would be a huge mistake.". Yellen said that the American people have benefited greatly from the US China trade, and the Chinese people have also benefited. Trade with China has had a positive impact on the US economy. Stopping trade with China would be catastrophic and efforts should be made to reduce risks, but decoupling is absolutely not allowed.
Yellen also stated that hindering the improvement of the living standards of the Chinese people is not in the interest of the United States, and the United States should applaud China's achievements in poverty alleviation.
At the hearing that day, Yellen also stated that the United States would increase its funding for some projects of the International Monetary Fund, as well as its funding for the Inter-American Development Bank and the African Development Bank. Yellen said that these investments will increase the United States' influence in these regions.
When it comes to the debt ceiling issue, Yellen said that although the United States resolved the debt ceiling issue in the "last minute" and avoided debt defaults, this should not be a model for dealing with the issue. Delaying action until the last moment has damaged the image and credibility of the United States on the world stage.
The US House of Representatives and Senate passed the debt ceiling bill on May 31 and June 1, respectively. US President Biden signed the bill into effect on June 3rd. According to previous estimates by the US Treasury Department, if Congress does not take timely action, the Treasury Department's funds will not be sufficient to fulfill payment obligations by June 5th.