Yellen: 'I would like to see us preserve the benefits of deep economic integration with China, not going to a bipolar world'

U.S. Treasury Secretary Janet Yellen recently mentioned the desire to work benefits of deep economic integration with China to avoid a bipolar world and encourage China to change its ways to align more with the U.S. and Europe.

Yellen made her comments during a Q&A session with the Atlantic Council, during which she touched on a variety of topics from Russia to supply chains to China. 

Yellen, in response to a question about whether or not the United States should view itself as part of a bipolar system with China in the opposing camp, responded that she did not want a "bipolar world", stating that the Untied States needs "to work very hard and to work with China to try to avert such an outcome." She went on to claim that China's development into a global player has been beneficial for the United States and its allies.

"I think to me the big picture is that China has benefited enormously from being part of a global system, a rules-based multilateral system," Yellen told the Atlantic Council. "And this has really promoted China’s economic growth. And we ought to try to preserve the best features of that system. I believe it’s also been beneficial to the United States and our allies. But real problems have emerged, and we need to work with China to address those problems."

The "real problems" Yellen mentioned included security concerns at large, particularly the supply chain issues and concerns that have arisen due to China's large role in them.

Posted in Business News on May 24 at 01:15 PM

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