China adopts market reforms and the US does not aim to ‘decouple’

China adopts market reforms and the US does not aim to ‘decouple’

BEIJING (Reuters) – U.S. Treasury Secretary Janet Yellen is in Beijing on a four-day visit to push for market-based reforms to the world’s second-biggest economy and warn that the United States and its allies will oppose Beijing’s “unfair economic practices”. .

Yellen spoke at an event for US companies operating in China, after meeting in the morning with former Chinese economic “czar” Liu He, a close collaborator of President Xi Jinping. A meeting with Premier Li Qiang is scheduled after that.

Yellen’s visit comes within a series of visits aimed at easing diplomatic tensions between Washington and Beijing, after the US military shot down a Chinese government balloon that was flying over the United States.

Secretary of State Antony Blinken visited last month and agreed with Xi that competition should not lead to conflict, while Biden’s climate envoy John Kerry is expected to visit later this month.

The US diplomatic push precedes a possible meeting between Biden and Xi at the G-20 summit in September in New Delhi or the Asia-Pacific Economic Cooperation meeting scheduled for November in San Francisco.

Yellen says her mission in China aims for a “stable and constructive relationship,” stressing that Washington will work to protect its national security interests and human rights.

“We believe it is in the interests of both countries to ensure that we have direct and clear lines of communication at the highest levels,” he said.

(Translated by Chiara Scarciglia, Edited by Alicia B)

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