Secretary Yellen in China
American Secretary of Treasury Janet Yellen is on a high-stakes visit to Beijing, weeks after her colleague, the Secretary of State Anthony Blinken concluded one.
On the top of her agenda is to convince her Chinese counterparts that Washington wants a healthy economic competition and does not desire a de-coupling of industries and markets.
She is scheduled to meet the new Chinese Premier Li Qiang, who is responsible for reviving the Chinese economy. On the table will be talks on China’s new export controls imposed on gallium and germanium, two critical metals needed for semiconductors and solar panel manufacturing.
The Chinese accuse the Americans of imposing high-end technology export control to derail China’s development whereas the Americans accuse the Chinese of imposing a raw material export control capable of hurting critical industries worldwide.
The two sides will also discuss measures to regulate debt accumulation. China currently holds $860 billion of American debt, which is equivalent to 11.60% of the total American debt owned by foreign countries.
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