Treasury Secretary Yellen on economic competition and cooperation between U.S. and China

Janet Yellen:

Well, even if we disagree about something as fundamental as democracy versus autocracy, we need to have constructive relationships with one another.

We have a deep economic relationship and financial relationship that is generally beneficial, both to China and the United States, although we insist that it be one that's fair with a level playing field, so that American workers aren't disadvantaged.

But we have a productive competition between the United States and China. We want to make sure that that continues. At the same time, we intend to protect our national security. And it's important for China to understand that we're doing that, that it's really nonnegotiable, but that we try to do it in ways that are targeted, narrow, and not designed to harm the Chinese people broadly or to inhibit their growth.

So there are many areas in which we can and should cooperate, and the meeting is — the meeting, I'm sure, will address all of these points.

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