After nearly two hours of talks between China and the United States, Yellen's visit to China was finally finalized. However, this time, what the United States wants, China will not give. What does Yellen want to get from China during her visit to China? Why didn't China agree?
After the Sino-US meeting in San Francisco last year, US Treasury Secretary Janet Yellen said that she would visit China again. Almost five months later, US President Joe Biden called and talked with Chinese leaders for nearly two hours, and made a series of commitments on the Taiwan issue, China-US relations, and bilateral economic and trade relations. It can be seen that the United States is really anxious and very much wants to have in-depth talks with China. After the call, Yellen got her wish and left for China on April 4.
However, compared with her last visit to China, Yellen's trip has two details that have attracted great attention from the outside world. First, Yellen arrived in China on April 4 and will not return to the United States until the 9th, a six-day trip that nearly doubles her first visit. Obviously, although the United States has sent a number of senior financial officials to visit China, Yellen still has a lot of issues to discuss with the Chinese side. Second, Yellen has not yet boarded the special plane to visit China, and she has attacked China on issues such as the new energy industry, and accused China of "overcapacity". However, after Yellen's visit to China was confirmed, the U.S. Treasury Department issued a lengthy circular focusing on "responsibly managing the U.S.-China economic relationship," "seeking cooperation with China" on hotspot issues, and "engaging with China" on key issues. Obviously, Yellen's visit to China this time is still asking for help from China, and the reason why she put on a "tough posture" is also to "create bargaining chips" for herself.
It should be pointed out that the real purpose of Yellen's visit to China will be considered by many to persuade China to increase US debt. It can only be said that most of them are still kind-hearted and think too well of Yellen, a white-haired old lady. The real purpose of Yellen's visit to China was actually revealed when she expounded her China policy earlier. In April last year, Yellen gave a speech at Johns Hopkins University, making it clear that the three "cores" of the U.S.-China economic relationship are: ensuring the "national security interests" of the United States, promoting mutually beneficial growth, and addressing the challenges of the U.S. debt dilemma. According to Yellen, the so-called "ensuring the national security interests of the United States" means "putting the United States in a competitive position forever." In other words, the U.S. can determine which industries other countries can develop, which markets they can enter, and what areas they can invest in. It can be seen that what the United States really wants is to make China its "economic colony". China will certainly not accede to such an unreasonable demand.
So, it is impossible to reach a consensus at the Sino-US economic talks, so why does the Chinese side still agree to Yellen's visit to China? Some analysts believe that there may be two reasons. First, the United States still has "dollar hegemony", so now is not the time for China to have a showdown with the United States in the economic field. At present, the total debt of the United States has exceeded $35.4 trillion. Second, this is an election year in the United States, and Biden must focus more on seeking re-election, so he very much wants the stability of China-US relations. However, the United States is now unable to get the bargaining chips it had in 2008 in exchange for China's help. Therefore, Yellen's visit to China this time is more likely to make concessions to the Chinese side, which is one of the reasons why she has to take a "tough" posture in advance.