Since US Secretary of State Antony Blinken visited China, another US official will visit China soon. US Treasury Secretary Janet Yellen will visit China from July 6 to 9, 2023, which has aroused widespread concern. As a senior official of the US government, Yellen's purpose and significance of this trip have attracted much attention.

Considering the large economic size of China and the United States, the stability and prosperity of their relationship are crucial for the development of the global economy. Yellen's visit fully reflects the importance of the US and Chinese governments in the global economy.

What is the purpose and significance of the visit

Janet Yellen is the first female chairman of the Federal Reserve Bank in the history of the United States, and also the first woman to serve as the United States Secretary of the Treasury. Her visit to China this time mainly focuses on the business and financial fields, and plans to meet with Chinese government leaders, entrepreneurs, scholars, and the general public.

Janet Yellen's visit mainly includes the following aspects:

1. Explore the cooperation and future development direction of trade and investment between China and the United States. With the changes in the global economic environment and the rise of trade protectionism, trade frictions between China and the United States are also constantly intensifying. The US government has implemented a series of trade sanctions against China, especially in terms of trade deficit, and the US has always held a critical attitude towards China. Yellen's visit aims to promote cooperation between the two sides in the fields of trade and investment, and to solve bilateral trade issues.

2. Strengthen financial cooperation between China and the United States. In the constantly changing global economic environment, financial cooperation between China and the United States is increasingly valued. Janet Yellen will also have in-depth communication with the Chinese government on strengthening cooperation in the financial field during this visit. At the same time, she is expected to hold talks with the governor of the People's Bank of China and representatives of the financial industry to discuss the connectivity of the two countries' financial markets, and actively discuss issues such as promoting the internationalization of Internationalization of the renminbi and the reform of international financial institutions.

3. Promote cooperation in the industrial and technological fields. During this visit, Janet Yellen will also visit Chinese enterprises and high-tech parks, communicate with Chinese entrepreneurs and technical experts, and explore the direction of cooperation and development in industrial and technological fields. This move will help promote exchanges and cooperation between Chinese and American enterprises, and promote further cooperation in technological innovation and economic development between the two countries.

The Current Situation and Development of Sino US Economic and Trade Relations

Currently, economic and trade cooperation between China and the United States occupies the core position of the global economic cooperation pattern. The areas of cooperation between the two sides cover multiple aspects such as trade, investment, finance, technology, culture, etc. The economic interests are closely related and mutually beneficial.

However, in the past two years, trade frictions between China and the United States have become increasingly fierce, especially after the US government has continuously taken protectionist measures against China, which has had a certain impact on the economic and trade cooperation between China and the United States. Some trade sanctions measures taken by the US government, such as imposing tariffs on China, have had a certain impact on China's export economy.

In addition, as China's economic development enters a new stage, new areas of economic and trade competition have also emerged between China and the United States. For example, in the high-tech field, the trade sanctions imposed by the United States on Chinese technology companies have intensified competition between Chinese and American technology giants.

However, there are also some positive aspects to the Sino US economic and trade relationship. Both sides play an indispensable role in the Chinese market and global economic development. American companies have shown strong performance in the Chinese market, with about 70% of American companies investing in China making profits; China's trade volume with the United States is showing an increasing trend year by year, with the United States as an important trading partner.

At a time when China US economic relations are facing new challenges and opportunities, Janet Yellen's visit can provide more opportunities for promoting the development of China US economic and trade relations and strengthening bilateral cooperation.

Future Prospects for Sino US Economic and Trade Relations

Janet Yellen's visit will have a major impact on China US economic and trade relations. On the one hand, it is expected to eliminate some mistrust and misunderstandings between China and the United States, alleviate the current tense bilateral trade relations, and promote the in-depth development of strategic cooperation between the two countries. On the other hand, this meeting is expected to determine the direction of practical cooperation between the two sides in areas such as economy and trade, and promote more coordinated and orderly investment cooperation.

From the perspective of practical results, Janet Yellen's visit to China can achieve the following goals:

1. Promote the diversification of investment and trade channels between China and the United States. By strengthening awareness and understanding of the Chinese market, American companies can better understand the needs of the Chinese market and promote trade cooperation between China and the United States. At the same time, during the visit, the two sides can meet to identify key areas of cooperation in the fields of trade and investment, laying a solid foundation for the future direction of cooperation between the two sides.

2. Promote cooperation and reform among multilateral institutions between China and the United States. In terms of Sino US economic and trade relations, another task of Janet Yellen is to promote Sino US cooperation and strengthen cooperation and reform of multilateral international institutions. As early as the beginning of this year, Janet Yellen encouraged China to join the World Trade Organization, promote the reform within the World Trade Organization, and further promote economic mutual benefit between the two sides.

3. Strengthen cultural exchanges and educational cooperation. Janet Yellen's visit will also involve cooperation in the fields of culture and education. This can help strengthen cultural exchanges and deepen cooperation in the field of education with the mutual wishes of both parties, in order to accelerate the exchange of knowledge and technology.

Janet Yellen's visit to China involves many aspects of Sino US economic and trade relations, which is an important manifestation of Sino US cooperation, exchanges and mutual trust. The current world economic environment is becoming more complex and uncertain. Janet Yellen's visit is expected to promote cooperation between China and the United States, promote more cooperation and exploration between China and the United States in economic, financial, technological and cultural fields, and lay a closer, broader and foundation for future cooperation between the two countries.Editor/Ma Xue