December 5, 2022

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US minister wants clarification from China on corona and real estate

US minister wants clarification from China on corona and real estate

NUSA DUA (Reuters) – The United States wants clarity on China’s plans to ease coronavirus restrictions and deal with problems in the real estate sector. US Treasury Secretary Janet Yellen will address these issues during a meeting with the head of China’s central bank on Monday.

US State Department officials said it was important for top officials from the world’s two largest economies to discuss global challenges and learn about each other’s policy plans ahead of the G20 summit in Bali. Yellen is set to discuss the outlook for US inflation and growth with People’s Bank of China Governor Yi Gang. He will leave discussions of monetary policy plans to the Federal Reserve.

President Joe Biden’s administration has long been concerned about the resilience of China’s supply chains. These have been hit hard by multiple corona lockdowns and increasing national security restrictions. Yellen last week advocated for closer ties between the countries in India, with India assuming a role as a reliable supplier to balance China.

Improve relationships

Yellen’s meeting with Yee comes on the same day as Biden’s meeting with Chinese President Xi Jinping. The meeting is key to improving relations between the superpowers, which have come under increasing pressure in recent times.

The US does not want to advise China on corona policy or problems in the real estate sector. The point is that Americans better understand China’s approach so they can better interpret the impact of policy changes, it seems.

Yellen will also meet French Finance Minister Bruno Le Maire and the new Italian Economy and Finance Minister Giancarlo Giorgetti. Among the main topics of discussion for these meetings are the energy problems Europe is expected to face this winter. Yellen will also urge her European counterparts to continue supporting Ukraine.

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