February 9, 2023

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Yilin and Liu He, a Chinese, talk about US technology policy in a personal 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 US economic and technology policy toward China in a meeting with US Treasury Secretary Janet Yellen on Wednesday, according to a Commerce Department readout.

China “hopes the US side will pay attention to the impact of policies on both sides,” the statement said.

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

In October, the US Department of Commerce’s Bureau of Industry and Security announced A blanket ban on US companies and individuals From working with Chinese partners on cutting-edge semiconductors – a niche industry that relies on American and foreign tools for development. The ban followed the Trump administration’s restrictions on specific Chinese companies such as SMIC and Huawei.

The Biden administration also did not remove the tariffs that were imposed on China under Trump.

While Beijing responded with tariffs of its own, its most substantive response to the US technology ban has been He filed a dispute with the World Trade Organization in December.

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

Yellen “looks forward to traveling to China and welcoming her counterparts to the United States in the near future,” the statement said.

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

Liu has led China’s trade negotiations with the United States inside China, and is vice premier of the State Council and chairman of the Financial Stability and Development Committee.

“In order to tame inflation, some countries have chosen policies that are likely to lead to a cycle of rise, recession and recovery.” Liu said in a letter This week at the World Economic Forum in Davos, Switzerland.

“We call for more attention to the indirect negative impact of rising interest rates in major countries on emerging markets and developing countries so that they do not add more debts or financial risks,” he said.

Read more about China from the CNBC Pro

As for China, Liu said that “high-quality economic development should always be our goal,” that real estate support measures are showing an effect and that the country will focus more on attracting foreign investment.

China’s Ministry of Commerce said foreign direct investment in China rose 8% last year in US dollar terms. A statement noted sharp increases in investment from South Korea, Germany, the United Kingdom and the European Union in general, but made no mention of the United States

Leo turned 70 this month, and so does he He retired from the Chinese leadership, according to changes announced at the ruling congress of the Communist Party of China in October.

Analysts expect He LifengChairman of the National Development and Reform Commission, to assume Liu’s role in leading the financial and economic work.

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