It is expected that America will become “responsible” after Yellen’s visit to China – Dainik Savera Times

US Finance Minister Janet Yellen will end her China visit on April 9. She is the first US Cabinet member to visit China this year. During this, the two sides held multi-level and multi-sectoral talks and exchanges. China and the United States agreed to jointly implement important agreements reached by the presidents of the two countries, promote economic development, and build new consensus on financial cooperation. Yellen said the US and China must “responsibly manage bilateral economic relations” and reiterated that the US will not pursue an economic “disengagement” from China.

China and America are the top two economies of the world. China always believes that the essence of China-US economic and trade cooperation is mutual benefit and win-win, and China is working hard in this direction. However, in recent years the US has not been catching up with China, and has failed to live up to its due responsibilities towards its own people and the world.

What does it really mean to be “responsible”? It is by no means solely responsible for the American economy and based on American interests, but should create more benefits for its companies and people, considering mutual benefits and win-win. At the same time, it should also consider addressing global challenges and advancing world economic development. How will this happen? For the US, there are several indicators that can be measured.

First, we should not politicize economic and trade issues or create “insecurity” in the name of “security”. For some time now, from raids on Chinese companies in the US to the Pentagon banning the purchase of batteries from several Chinese companies and suppressing TikTok, there have been many cases of the US hindering China’s development in the name of “national security”. Have come. During Yellen’s visit, China clearly expressed its serious concerns about the US sanctions on Chinese companies, additional tariffs on China, and investment restrictions in China.

On this basis, China-US economic and trade cooperation should be conducted in accordance with economic laws and market rules. Some time ago, executives of several American companies visited China. American companies such as Apple and Qualcomm said they will continue to increase investments in China. This is the companies’ own option. During Yellen’s visit, the two sides agreed to exchange views on balanced economic growth, financial stability, sustainable finance and anti-money laundering issues in both countries and the world. These consensuses are conducive to reducing market anxiety and enhancing market certainty, and are also the reasonable responsibilities of the two major economies of China and the United States.

Yellen’s visit to China also raised the issue of so-called “overcapacity” in China’s new energy industry. Over-capacity means that actual production capacity exceeds market demand, but relevant data does not support the US view. For example, China’s new energy vehicle production and sales in 2023 will be 95.87 million and 94.95 million respectively. From a global perspective, there is not a surplus of high-quality production capacity, but a serious shortage. China’s high-quality production capacity meets the needs of other countries. As Marco, a researcher at the Tricontinental Institute of Social Research in Brazil, said, China’s innovation leap could help the “global South” achieve industrialization or re-industrialization. In the field of new energy, just because China provides more high-quality production capacity than the US and is more popular in the world, the US defines it as “overcapacity”, thereby reflecting the US hegemonic mentality. Is.

This time, during her visit to China, Yellen said that America does not want economic “separation” with China. China welcomes this and hopes that the United States will implement this commitment and take concrete action to protect the well-being of companies and people of both countries.

This year marks the 45th anniversary of the establishment of diplomatic relations between China and the United States. Past experience has proven that the economic interests of China and America are deeply interconnected. Strengthening economic and trade cooperation is beneficial to both sides and is also conducive to global economic development. Hopefully America will fulfill its commitments. Can America Really “Take Responsibility”? The whole world will have an eye on this.

(Credits- China Media Group, Beijing)