"There is no substitute for diplomacy," said one senior administration official. Yellen's long-anticipated trip follows weeks after Secretary of State Antony Blinken visited Beijing and agreed with Chinese President Xi Jinping that the two countries' rivalry should not veer into conflict, and amid a freeze in military communications between the two nations. China's economy is recovering more slowly than expected from COVID lockdowns and the job market is tough. No major breakthroughs are expected, but Yellen will push to open new lines of communication and coordination on economic matters, and stress the consequences of supplying lethal aid to Russia, US officials say.Ĭhinese officials are concerned about the Biden administration's plans to limit US companies' China investments and what they see as moves to decouple the two economies. US officials say they expect "candid" discussions during Yellen's July 6-9 trip, after Beijing's abrupt announcement on Monday of controls on exports of some gallium and germanium products widely used in semiconductors, as well as a new counterespionage law, both seen as potentially harmful to US firms. US Treasury Secretary Janet Yellen's first trip to China will focus on recalibrating ties between the world's two largest economies, as military communications remain frozen and Beijing's new restrictions on exports of some metals spark fresh tensions.
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