Janet Yellen's visit to China is 'crucial' to ensuring that both countries continue talking to each other, said Eswar Prasad of Cornell University.
She is due to meet Premier Li Qiang on Friday afternoon, following earlier meetings with former Vice Premier Liu He and ex-central bank governor Yi Gang, the Treasury Department said.— the first high-level meeting between the two countries after months of tensions.
US Treasury Secretary Janet Yellen arrives at Beijing Capital International Airport in Beijing on July 6, 2023."Damage control is really the key," Prasad told CNBC, adding that Chinese officials can deal with anti-China rhetoric, as long as they do not translate into hostile actions that could keep China from its economic development.
"Officials in China are very attuned to the election cycle in the U.S. and they recognize that with November 2024 already looming, there is a prospect of anti-China rhetoric getting even hotter in Washington," he said. "I think the hope is that they can ward off any further actions that they perceive as being hostile towards China."
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