Yellen Raises US Business Concerns in China Trip

Treasury Secretary Janet Yellen reaffirmed to Chinese officials last week that the U.S. is not looking to decouple the two economies but wants to see changes to Chinese market conditions that she said are hurting American firms.

Yellen met April 5 with several officials, including Vice Premier He Lifeng, in Guangzhou, China, where she said she planned to discuss “challenges” faced by U.S. companies. She said the two countries need to “closely communicate on issues of concern such as overcapacity and national security-related economic actions.”

Earlier that day, Yellen told the American Chamber of Commerce in China that Beijing is “imposing barriers to access for foreign firms and taking coercive actions against American companies.” She also noted that a recent chamber survey found that one-third of American businesses reported experiencing unfair treatment compared to local competitors.

“I strongly believe that this doesn’t only hurt these American firms: ending these unfair practices would benefit China by improving the business climate here,” Yellen said. “I intend to raise these issues in meetings this week.”