Yellen Tells Counterpart US Wants "Healthy" Relationship With w/China

Treasury Secretary Janet Yellen will tell her Chinese counterpart He Lifeng today that the US seeks a "healthy economic relationship" with China ahead of two days of talks which will lay the groundwork for President Biden's meeting with Chinese President Xi Jinping, expected to take place on November 15 on the margins of the APEC summit in San Francisco.

• According to prepared remarks, Yellen will say: "In recent weeks, the Vice Minister-level Economic and Financial Working Groups between the U.S. Treasury and Ministry of Finance and PBOC met for the first time."
• "...the United States has no desire to decouple from China: A full separation of our economies would be economically disastrous for both our countries, and for the world. We seek a healthy economic relationship with China that benefits both countries over time."
• "When we have concerns about specific economic practices, such as those that prevent American firms and workers from competing on a level playing field, we will communicate them directly."
• "Beyond our bilateral economic relationship, I look forward to discussing our collaboration on global challenges, from climate change to debt distress in low-income countries and emerging markets."
• "The United States will continue to take targeted actions to protect our and our allies’ national security. But we are also committed to communicating clearly about these actions to prevent any misunderstandings or miscalculations."