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Yellen and China’s Liu He discuss US tech policy in in-person meeting

US Treasury Secretary Janet Yellen and Chinese Vice Premier Liu He held their first in-person meeting in Zurich on January 18, 2023.

Sebastien Bozon | AFP | Getty Images

BEIJING — Chinese Vice Premier Liu He discussed U.S. economic and technology policy toward China during a meeting with U.S. Treasury Secretary Janet Yellen on Wednesday, according to a Commerce Ministry statement.

China “hopes the US side will pay attention to the impact of policies on both sides,” the reading said, according to a CNBC translation.

The meeting in Zurich was the first time Yellen and Liu had met in person, after three years of Covid-related travel restrictions.

In October, the U.S. Department of Commerce’s Bureau of Industry and Security announced sweeping bans for American businesses and individuals to work with Chinese partners on high-end semiconductors – a specialized industry that relies on U.S. and foreign tools for development. The ban follows restrictions imposed by the Trump administration on specific Chinese companies such as SMIC and Huawei.

Nor has the Biden administration scrapped the Trump-era China tariffs.

While Beijing has retaliated with its own tariffs, its most substantial response to US tech bans has been filing of a dispute with the World Trade Organization in December.

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A reading from the US Treasury Department did not mention the technology. “During the candid, substantive and constructive conversation, they exchanged views on macroeconomic and financial developments,” Treasury said.

The reading says Yellen “looks forward to visiting China and welcoming his counterparts to the United States in the near future.”

The Chinese statement said it wanted Yellen to visit China “at an appropriate time” this year.

Liu led China’s trade negotiations with the United States. In China, he is deputy prime minister and head of the financial stability and development committee.

“To control inflation, some countries have chosen the policy that will probably lead to the upswing-recession-recovery loop”, Liu said in a speech this week at the World Economic Forum in Davos, Switzerland.

“We call for more attention to the negative ripple effect of major country rate hikes in emerging markets and developing countries so as not to add to more debt or financial risk,” he said. -he declares.

Learn more about China from CNBC Pro

For China, Liu said “high-quality economic development should always be our goal,” the real estate support measures have proven successful, and the country will put more emphasis on attraction of foreign investment.

Foreign direct investment in China rose 8 percent last year in US dollars, the Chinese Ministry of Commerce said. A statement noted a surge in investment from South Korea, Germany, the UK and the EU as a whole, but did not mention the United States.

Liu turns 70 this month and is withdraw from the Chinese leadership, in line with changes announced at the congress of the ruling Chinese Communist Party in October.

Analysts expect He Lifenghead of the National Development and Reform Commission, to take the role of Liu in leading financial and economic work.

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