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US does not want “winner-take-all” fight with China, Yellen insists

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U.S. Treasury Secretary Janet Yellen kicked off a four-day visit to Beijing on Friday by calling for market reforms in the world's second-largest economy and warning that the United States and its allies will fight back against what she called China's "unfair economic practices."

In a meeting with Chinese Premier Li Qiang, Yellen said that the U.S. is seeking healthy competition with China based on fair rules that benefit both countries, not a "winner-take-all" approach. She added that Washington would, "in certain circumstances, need to pursue targeted actions to protect its national security" but said disagreements over such moves should not jeopardize the broader relationship.

Separately, Yellen also said she would make clear to Chinese officials that Washington was not seeking "a wholesale separation of our economies," but would raise concerns about their use of expanded subsidies for state-owned enterprises and domestic firms, barriers to market access for foreign firms, and recent "punitive actions" against U.S. firms.

The U.S. diplomatic push comes ahead of a possible meeting between President Joe Biden and Chinese President Xi Jinping as soon as September's Group of 20 Summit in New Delhi or the Asia-Pacific Economic Cooperation gathering scheduled for November in San Francisco.

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