Yellen: ‘Growth in China’ Is ‘Good for the United States’ and World

On Tuesday’s broadcast of NPR’s “All Things Considered,” Treasury Secretary Janet Yellen stated that she and President Joe Biden “think greater income and growth in China is good for the globe and good for the United States as well.” And that while the U.S. will take actions to protect its national security, “we will try to target them narrowly so that we’re not imposing broad harm on China’s economy.”

Co-host Ailsa Chang asked, [relevant exchange begins around 2:40] “I know that the Biden administration has made some moves in the name of national security that China takes issue with, like I’m talking about restrictions on U.S. investment in certain Chinese tech sectors, prohibiting the export of certain tech goods to China, tariffs on imported Chinese goods, sanctions on Chinese firms. How do you explain those decisions to Chinese leaders when they are accusing the U.S. of trying to stifle their economic growth?”

Yellen responded, “I made clear in my conversations with my counterpart, Vice Premier He, that we are not trying to stifle China’s economic progress. And, as the President and I have both said, we think greater income and growth in China is good for the globe and good for the United States as well. But we will take actions to protect our national security. And when we do that, we will try to target them narrowly so that we’re not imposing broad harm on China’s economy.”

Follow Ian Hanchett on Twitter @IanHanchett