US treasury secretary Janet Yellen said on Tuesday that decoupling from China and straining progress in the world’s second largest economy would not be in America’s interest and could prove disastrous for the world’s biggest economy, the New York Times reported.
“I think we gain and China gains from trade and investment that is as open as possible, and it would be disastrous for us to attempt to decouple from China,” Yellen said at a House Financial Services Committee hearing, according to the report. “I certainly do not think it is in our interest to stifle the economic progress of the Chinese people,” she added, hailing China’s success in “lifting hundreds of millions of people out of poverty.”
Despite her stance, which comes amidst heightened tensions between Washington and Beijing, Yellen said the US will impose further sanctions on China over forced labour concerns and go on to implement curbs on American investments in Chinese firms in the interest of national security and to uphold American values.
Read the full story: The New York Times
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