proelite
Junior Member
Yellen speech on US-China relations today, picking out the parts I find interesting
The leadership/primacy focus
"Importantly, our economic power is amplified because we don’t stand alone. America values our close friends and partners in every region of the world, including the Indo-Pacific. In the 21st century, no country in isolation can create a strong and sustainable economy for its people. That’s why, under President Biden’s leadership, we’ve sought to rebuild and reinvest in our relationships with other countries.
All this to say: China’s economic growth need not be incompatible with U.S. economic leadership. The United States remains the most dynamic and prosperous economy in the world. We have no reason to fear healthy economic competition with any country."
Unusual national security focus from the Treasury Dept.
"As we take these actions, let me be clear: these national security actions are not designed for us to gain a competitive economic advantage, or stifle China’s economic and technological modernization. Even though these policies may have economic impacts, they are driven by straightforward national security considerations. We will not compromise on these concerns, even when they force trade-offs with our economic interests."
She's only saying this after realizing that the US couldn't suppress Chinese modernization without losing big time too.