China’s Vice-Premier Liu to meet US Treasury Secretary Yellen

  • US Treasury Secretary Janet Yellen will meet her Chinese counterpart, Vice-Premier Liu He, for the first time in Zurich, Switzerland this week to enhance their economic coordination.
  • This is reflective of how the two sides have been maintaining engagement on a senior level, following up on commitments to do so made during a meeting between US President Joe Biden and Chinese President Xi Jinping in Indonesia in Nov 22.
  • The two officials will exchange views on macroeconomic developments and other economic issues as well as deepen communication between the US and the People’s Republic of China.
  • The surprise announcements came amid enduring rifts between the world’s two largest economies on a wide range of issues, including increasing Biden administration restrictions on hi-tech exports to China.
  • Liu may probe the trajectory of US trade and technology policy toward China in 2023, as further US export controls are in the works and the Biden administration is likely to introduce a broader outbound investment screening capability.
  • Yellen’s meeting with Liu would come ahead of US Secretary of State Antony Blinken’s expected visit to Beijing in the coming weeks.
  • According to Blinken, the US will seek to keep these lines of communication open and do all that they can to establish guardrails to prevent competition from veering into conflict.

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