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Hopes outlined for Yellen visit US treasury secretary to meet with business executives, senior officials

Source:CHINA DAILY 2024-04-04

File photo of Janet Yellen. [Photo/Agencies]

China and the United States are expected to exert more joint efforts to improve bilateral economic and trade ties, make positive contributions to economic globalization and address common challenges — as hoped for by businesses from both sides — experts said on Wednesday.

They also said the two sides could deepen cooperation in a wide range of areas, from responding to climate change to coordinating macroeconomic policy.

Their comments came as the Ministry of Finance said on Wednesday that US Treasury Secretary Janet Yellen will visit China from April 4 to 9, as agreed by the two countries.

She will arrive in Guangzhou, Guangdong province, on Thursday. During her stay in China, Yellen will meet with representatives of the US business community in China, students and professors at Peking University, economists and high-ranking Chinese officials, the US Department of the Treasury said.

"Compared with many other US officials, Yellen knows China better, with direct experiences, and she must have seen the huge cooperation potential between the two countries amid China's continuous economic development," said Zhou Mi, a researcher at the Chinese Academy of International Trade and Economic Cooperation.

"Businesses from both countries are very eager to see more cooperation between the two countries, because that will reduce uncertainties for investment and trade activities as well as promote innovation and coordination to jointly address common issues globally, such as climate change.

"We hope both China and the US will respond positively to such market expectations and push forward cooperation."

Cui Fan, a professor at the University of International Business and Economics in Beijing, said: "Strengthening communication to seek more consensus, instead of decoupling, underpins the interests of both countries.

"Stable and healthy China-US economic and trade relations will help address common global issues and stabilize global economic growth."

Cui said the two countries could strengthen communication to better deal with challenges and pressures from issues such as climate change, the debt risks of some developing countries, and taxation reforms against the background of the development of the digital economy.

He said the smooth operation of the communication mechanisms between the two countries will help address their respective concerns.

Zhou, from CAITEC, said there is broad space for China and the US to deepen cooperation and coordinate policies.

"The two countries can seek more cooperation in fields including global debt relief and government procurement, and reduce the impact on the market from information asymmetry," he said.

Zhou said the US should expand access to US government-backed projects for Chinese enterprises and reduce development costs for enterprises based on the principle of nondiscrimination to strengthen the resilience of supply chains.

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