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Stifling China’s Progress ‘Disastrous’ For US: Yellen – NYT

“I think we gain and China gains from trade and investment that is as open as possible, and it would be disastrous for us to attempt to decouple from China,” US treasury secretary Janet Yellen said


Treasury Sect Janet Yellen speaks at a roundtable during the WB IMF meetings in Washington
Treasury Secretary Janet Yellen, who announced the latest 'Perpetrators of Human Rights Abuse' last week, said: “Our commitment to upholding and defending human rights is sacrosanct.” Photo: Reuters.

 

US treasury secretary Janet Yellen said on Tuesday that decoupling from China and straining progress in the world’s second largest economy would not be in America’s interest and could prove disastrous for the world’s biggest economy, the New York Times reported.

“I think we gain and China gains from trade and investment that is as open as possible, and it would be disastrous for us to attempt to decouple from China,” Yellen said at a House Financial Services Committee hearing, according to the report. “I certainly do not think it is in our interest to stifle the economic progress of the Chinese people,” she added, hailing China’s success in “lifting hundreds of millions of people out of poverty.”

Despite her stance, which comes amidst heightened tensions between Washington and Beijing, Yellen said the US will impose further sanctions on China over forced labour concerns and go on to implement curbs on American investments in Chinese firms in the interest of national security and to uphold American values.

Read the full story: The New York Times

 

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Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at [email protected]