The Yellen-Chinese trip ended with ‘productive’ talks; yet there are still challenges in bilateral relations: experts

US Treasury Secretary Janet Yellen ended her closely-watched day trip to China with “productive” talks with senior Chinese officials, as the two aspects agreed to enforce the essential understandings reached with the aid of the two heads of nation in Bali, and improve conversation and cooperation on addressing international challenges.

Some Chinese specialists consider Yellen’s go to is a signal the viable for coordination and cooperation between China and the US is there, with greater senior US commerce and exchange officers predicted to go to China as section of the US’ efforts to manipulate variations and stabilize China-US relations, which are at a historical low point.

However, notwithstanding a sequence of latest exchanges, the US is not going to alternate its method of “decoupling” from, cracking down on and competing with China amid the distorted political ecosystem in Washington, specialists said, urging the US aspect to in shape phrases with deeds in order to stabilize bilateral family members and abandon the zero-sum and Cold War mentality to push bilateral members of the family again onto the proper track.

China reiterated its function on bilateral financial and exchange members of the family with the US and expressed its issues throughout the just-concluded Yellen’s go to China, stated Liao Min, deputy director of the Office of the Central Commission for Financial and Economic Affairs and vice Finance Minister.

Economic and alternate groups from the two aspects held lengthy and candid talks, Liao stated in response to media inquiry on Sunday. The two facets additionally mentioned macroeconomic problems and world challenges and will keep conversation in the future, Liao noted.

‘Gain’ as an alternative than ‘risk’

Chinese Premier Li Qiang on Friday met with Yellen, stressing that China’s improvement is an chance alternatively than a project for the US, and a obtain alternatively than a risk, the Xinhua News Agency reported.

“Chinese way of life values peace above the entirety else, as hostile to hegemony and bullying,” Li said. It is hoped that the US will uphold a rational and pragmatic attitude, and work with China in the equal route to push bilateral family members lower back onto the proper tune at an early date.

Meanwhile, Chinese Vice Premier He Lifeng and various different senior Chinese officers consisting of new Party chief of the People’s Bank of China Pan Gongsheng and Chinese Finance Minister Liu Kun additionally met Yellen.

Yellen stated on Sunday that her around 10-hour talks with senior Chinese officers had been “direct” and “productive” and will assist to stabilize the regularly rocky relationship, Reuters reported.

“The US and China have massive disagreements … But President [Joe] Biden and I do no longer see the relationship between the US and China through the body of outstanding electricity conflict. We accept as true with that the world is massive sufficient for each of our nations to thrive,” Yellen informed journalists at a press convention at the US embassy in Beijing, in accordance to the report.

“Yellen’s trip, which comes much less than a month after US Secretary of State Blinken’s China visit, is an achievement, displaying a high-quality signal that the two facets are inclined to hold candid and optimistic dialogues to manipulate variations and keep away from conflicts though they have fundamental differences,” He Weiwen, a senior lookup fellow at the Center for China and Globalization, advised the media on Sunday.

He Weiwen stated China and the US have been restarting institutional communications, with extra senior US commerce and exchange officers anticipated to go to China. “The two aspects agreed to discover the institution of working agencies to deal with unique variations throughout Blinken’s visit, and applicable work will proceed after Yellen’s visit,” He said, noting that it is out of the US’ want to resolve its inside problems.

In the monetary realm, the US is on foot a tightrope attempting to curb swelling debt boom and enormous inflation barring sinking its economy, and it desires cooperation with China to resolve these thorny problems, specialists said.

“The US facet ought to use the essential window of possibility beforehand of the 2024 US presidential election to ease tensions with China and push for pragmatic cooperation,” Liu Weidong, a lookup fellow at the Institute of American Studies at the Chinese Academy of Social Sciences, informed the media on Sunday.

Liu said there have been extra than a hundred change mechanisms between China and the US earlier than US former president Donald Trump took office, and presently the two facets are heading towards restoring these communications, however there are superb challenges ahead.

Challenges persist

Yellen’s go to and following exchanges between the two international locations will not likely assist an awful lot in repairing China-US relationship that has in addition deteriorated after the “balloon incident” and the Biden administration’s intensifying cross to suppress and incorporate China, professionals said.

While basically seeing China as a strategic rival, the US is mulling new restrictions on investments in positive industries in China and on synthetic talent chips to the country, as phase of its complete approach to comprise China, in accordance to media reports.

The crux of worsening China-US relationship is the distorted political surroundings in the US which, if now not resolved, will not likely see China-US relationship return to wholesome and sound track, in accordance to Shen Yi, a professor at the School of International Relations and Public Affairs of Fudan University.

“The trouble is whether or not the US’ pinnacle chief and his coverage crew are prepared to undertake country wide mission, exhibit political accountability and take an mind-set that is accountable to history,” Shen instructed the reporters.

It’s difficult for the US to abandon its tech blockade and different unreasonable overseas insurance policies towards China, which is a political motion serving its so-called countrywide safety strategy, He Weiwen said, urging the US aspect to re-think its positioning.

Despite rising geopolitical tensions between China and the US, exchange between the two nations keeps robust boom momentum. According to information launched through the US-China Business Council, US exports to China reached a report excessive of $151.3 billion in 2022, up 1.2 percentage year-on-year. The file stated round 1.06 million American jobs had been supported with the aid of US exports of items and offerings to China in 2021.

“We must keep association self belief for the attention of future goal,” Shen said, referring to the enchancment of China-US relations. He stated China have to proceed to beautify its personal functionality in the proper course whilst diversifying counter-measures in opposition to the US’ zero-sum game.