Yellen to Meet with Chinese Finance Minister in Switzerland – On Wednesday, Treasury Secretary Janet Yellen will meet with China’s Vice Premier Liu He in Switzerland to discuss economic relations between the two nations. This meeting is a continuation of the talks held in November between President Joe Biden and China’s Xi Jinping, in which the two leaders agreed to have their key officials continue communication.
Despite their trade ties, tensions between the US and China have been increasing. The Biden administration has taken measures such as blocking the sale of advanced computer chips to China and is considering a ban on investment in certain Chinese tech companies, which could hinder a key economic goal set by China’s President Xi. Additionally, President Biden’s statements indicating that the US will defend Taiwan against a Chinese invasion have further heightened tensions between the two countries.
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The meeting is taking place prior to Yellen’s upcoming trip to Senegal, Zambia and South Africa this week, which will be the first in a series of visits by officials from the Biden administration to sub-Saharan Africa during the year. Africa plays a significant role in the global economy due to its rapidly growing population and abundant natural resources. Additionally, the fact that China has become deeply entrenched in African countries, surpassing the US in trade with the continent and becoming one of the largest creditors, is a motivator for the US to strengthen its ties with African nations.
Yellen has spoken at length publicly about China’s financing practices on the continent, calling them “economic practices that have disadvantaged all of us.” She has also called on China explicitly to end its relationship with Russia as the Kremlin continues its invasion of Ukraine.
The U.S. and its European and Asian allies have imposed sanctions and an oil price cap on Russia in retaliation for the war, putting China in a difficult spot as it had promised a “no limits” friendship with Russia before the invasion began. It will be Yellen’s first in-person meeting with Liu since taking office and follows three virtual meetings between them.
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