US Treasury Secretary Janet Yellen called for market reforms in China and warned that the US and its allies will fight back against what she called China’s “unfair economic practices”, when she had a meeting with American companies doing business in China.
Yellen said she came to China to deepen communication and work toward a “stable and constructive relationship” between the two countries, while making clear that Washington will act to protect its national security interests and human rights.
Yellen said she would make clear to China that Washington was not seeking “a wholesale separation of our economies,” but would raise concerns about their use of expanded subsidies for state-owned enterprises and domestic firms, barriers to market access for foreign firms, and recent “punitive actions” against US firms.
Yellen also expressed concern about new Chinese export controls on gallium and germanium, critical minerals used in technologies like semiconductors.