U.S. Treasury Secretary Janet Yellen meets Chinese Premier Li Qiang

In prepared remarks for a discussion with Chinese Premier Li Qiang, U.S. Treasury Sec. Janet Yellen defended American efforts to protect national security.

In prepared remarks, Yellen stated that the United States would need to take targeted action in certain circumstances to protect their national security.

She said, “And we might disagree in these cases.”

In October, the U.S. announced several measures that would restrict Chinese companies’ ability to develop advanced semiconductors.


The Chinese Ministry of Commerce announced this week that, starting August 1, businesses in China wishing to export two metals for the manufacture of chips will need to obtain licenses. The ministry announced Thursday that the measures are not targeted towards a particular country and had informed the U.S.A. and Europe before the public announcement.

In her prepared remarks, Yellen stated that “we should not allow any differences to lead to misunderstandings which unnecessarily deteriorate our bilateral financial and economic relationship.”

She said that there are “important challenges around the world” in which China and the U.S. need to “cooperate, and show leadership.”

Yellen will meet China’s Premier on Friday. It is the second day of a four-day visit to China.

She met earlier in the day with former Vice-Premier Liu He, and former People’s Bank of China governor Yi Gang. An official from the Treasury said that the meeting was longer than expected, lasting one hour and fifteen minutes.

The official stated that the two men discussed the outlook for global economy as well as their respective outlooks in the United States and China.

Her visit follows Secretary of State Antony Blinken’s high-profile Beijing trip last month. It also comes at a time when China’s economy has been slowing.

Li met Thursday with experts in economics to discuss trends in growth and suggestions for economic activity, according to state media. Li told the report that the global economic and political situation is complex, which has a major impact on China’s growth.