China tells US to commit to market economy — RT World News

Beijing urged Washington not to politicize bilateral trade and adhere to the “basic standards” of a market economy

Chinese Premier Li Qiang hosted US Treasury Secretary Janet Yellen in Beijing on Sunday. After the talks, the two senior officials said that relations between the two countries were good “stability” But a number of issues remained unresolved.

Yellen's visit is the first high-level meeting between the United States and China since US President Joe Biden hosted his Chinese counterpart in California last November. While both sides have now expressed reserved optimism about improving relations, no specific progress appears to have been reached during Yellen's visit.

He added: “While we have more to do, I believe we have put our bilateral relations on a more stable footing over the past year.” She stated during the discussions. High on the secretary's agenda were Chinese trade practices that allegedly put American workers and companies at an unfair disadvantage.

Beijing appears to view US trade practices as unfair as well, given that Li urged the United States to adhere to them “Basic standards” for the market economy.

It is hoped that the United States will adhere to the basic standards of a market economy, including fair competition and open cooperation, refrain from turning economic and trade issues into political or security issues, and view the issue of production capacity objectively and dialectically from the market. directed and global perspective” The Prime Minister informed Yellen during the meeting, according to the Chinese Foreign Ministry.

Meanwhile, a senior official said that bilateral relations “It began to stabilize under the strategic guidance of the two heads of state.” With Beijing hoping that the two countries will eventually become “Partners, not enemies, with mutual respect, peaceful coexistence and win-win cooperation.”

US efforts to repair relations with China under the Biden administration have taken a somewhat bumpy road, as relations between the two powers remain tense in multiple areas ranging from trade to tensions over Taiwan and the South China Sea, as well as differing positions on relations with China. The conflict between Ukraine and Russia. Moscow is actively working to build its relations with Beijing, becoming its largest oil supplier.

Negotiations between the United States and China were frozen in late 2022 after then-US House Speaker Nancy Pelosi's visit to Taiwan. The infamous flight of an alleged Chinese spy balloon across the United States in early 2023 temporarily weakened the rapprochement process.

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