The Biden administration’s top voice on economic policy called this week for a return to policies of greater economic and other engagement with China, despite Beijing’s shift from market reforms and rising anti-U.S. sentiment in Beijing.
Treasury Secretary Janet Yellen in a major policy speech praised past policies that tried to integrate China into the global economic system but acknowledged that China’s communist government in recent years has begun adopting more state-controlled policies.
“Progress on these issues requires constructive engagement between the world’s two largest economies. Yet our relationship is clearly at a tense moment,” she said. Ms. Yellen in an address to a Washington think tank outlined three goals for U.S. policy in seeking a more constructive and fairer bilateral relationship. The prime objective is to secure U.S. national security interests and those of allies while also seeking to advance human rights. Recent sanctions and other measures aimed at China were not imposed to hobble Beijing’s economy but only to protect American security interests, she said.
Last, the administration is seeking cooperation with China on “climate and debt distress,” Ms. Yellen said. China, analysts note, is facing problems of its own, including a shaky, overborrowed property sector, an aging population, high youth unemployment and weak household consumption levels. China’s population and workforce also are declining.
On the national security front, protecting U.S. technology from theft by the Chinese military and security agencies is a “vital national interest,” Ms. Yellen said. Ms. Yellen said China’s support for Russia under a recent “no limits” agreement is a concern, and warned that Beijing would face severe consequences for direct military aid and weapons supplies to aid Moscow’s war effort.
China’s government has supported its companies to gain market share at the expense of foreign competitors, and its industrial policy in recent years has sought to dominate markets and restrict foreign competition.
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