Our economic strategy is centered on lifting our economic potential at home — not on suppressing other economies.
Treasury Secretary Janet L. Yellen shakes hands with Chinese Vice Premier He Lifeng at a July 8 meeting in Beijing. President Biden and I have been clear-eyed about navigating the complexities of the U.S.-China relationship with a pragmatic economic strategy: one that protects our vital national security interests while seeking a stable and healthy economic relationship.to pursue this approach with China’s new economic team.
But healthy competition requires a rules-based, level playing field. This week, I will speak to my counterpart about our serious concerns with Beijing’s unfair economic practices, including its large-scale use of non-market tools, its barriers to market access and its coercive actions against U.S. firms in China.In certain sectors, these unfair practices have resulted in the overconcentration of the production of critical goods inside China.
Take debt. Today, more than half of all low-income countries are near or in debt distress — double the share of countries that were in this situation in 2015. Debt overhang erodes the economic foundations of these countries and serves as a drag on the global economy.
As I prepare for my meeting with Vice Premier He, I proceed with confidence about the strength of our nation. The United States has experienced a rapid economic recovery from the pandemic, with an exceptionally strong labor market and easing inflation. And we are lifting our long-term economic outlook with major investments while reinvigorating our alliances and partnerships in the Indo-Pacific and beyond.