China-US ties 'on surer footing', says Yellen
US Treasury Secretary Janet Yellen said on Sunday that her talks with top Chinese officials have put ties "on surer footing", as she wrapped up a trip aimed at stabilising fraught relations between the world's two biggest economies. She described bilateral meetings with senior Chinese officials in recent days as "direct" and "productive". During her four-day trip, which came on the heels of US Secretary of State Antony Blinken's visit, Yellen stressed the need for greater exchanges and collaboration, even as deep divides persist between the countries. "Both nations have an obligation to responsibly manage this relationship: to find a way to live together and share in global prosperity," she told journalists at the US embassy in Beijing on Sunday. "My bilateral meetings – which totalled about 10 hours over two days – served as a step forward in our effort to put the US-China relationship on surer footing." She said the two countries remained at odds on a number of issues. "The US and China have significant disagreements," Yellen said, citing Washington's concerns about what she called "unfair economic practices" and recent punitive actions against US firms. "But President (Joe) Biden and I do not see the relationship between the U.S. and China through the frame of great power conflict. We believe that the world is big enough for both of our countries to thrive," she said. Yellen also said the objective of her visit was to establish and deepen ties to China's new economic team, reduce the risk of misunderstanding and pave the way for cooperation in areas such as climate change and debt distress. "I do think we've made some progress and I think we can have a healthy economic relationship that benefits both of us and the world," she said, adding that she expected increased and more regular communications at the staff level. Yellen said Chinese officials raised concerns about an expected executive order restricting outbound investment, but she assured them that any such measure would be narrow in scope and would be enacted in a transparent way, through a rule-making process that would allow public input. Xinhua News Agency said late Saturday that her meeting with Vice Premier He Lifeng yielded an agreement to "strengthen communication and cooperation on addressing global challenges". "Noting that the overstretching of national security does no good to the normal economic and trade exchanges, the Chinese side expressed concerns over the sanctions and restrictions imposed by the United States on China," Xinhua added. Yellen met with senior Chinese officials during her four-day visit, including Premier Li Qiang, as well as US companies doing business in China, climate finance experts and women economists.  Her trip was the latest in efforts to stabilise tense relations and prevent conflict between the world's two largest economies. US climate envoy John Kerry is expected to travel to China later this month for talks on global warming. (Agencies)