Cooperation and fair competition

On April 20th, US Treasury Secretary Janet Yellen gave a speech at the Johns Hopkins School of Advanced International Studies in Washington on US-China economic relations. In her speech, Yellen stated that any efforts to decouple from China would be “disastrous,” and the US seeks to establish “constructive and fair” economic relations with China. However, the US will firmly defend national security even if it means sacrificing US-China relations. Yellen also criticized China’s support for state-owned and private enterprises, claiming that healthy economic competition can only be sustained under fair conditions.

The speech comes amidst rising tensions between the US and China, as the US government is preparing to take action against China in key areas while hoping to maintain broad trade and investment ties. China, in turn, has accused the US of using double standards and hegemonic logic, and has called on the US to stop interfering in China’s internal affairs and stop damaging China’s interests.

Overall, Yellen’s speech outlines the US government’s position on US-China economic relations, emphasizing the importance of cooperation and fair competition while also highlighting the US government’s commitment to national security. The speech is viewed by some as a gesture of goodwill, while others see it as a reflection of the ongoing tensions between the US and China.