44 min agoYellen says Biden-Xi meeting intended to “stabilize” a US-China relationship From CNN’s Phil Mattingly in Bali, Indonesia Treasury Secretary Janet Yellen speaks during a news conference at the IMF and World Bank Annual Meetings in Washington, DC on October 14. (Drew Angerer/Getty Images)Treasury Secretary Janet Yellen said the high stakes first sit down between President Joe Biden and Chinese leader Xi Jinping was intended to stabilize a teetering relationship, and detailed hopes it would lay the groundwork for “intensive” bilateral economic engagement. Yellen’s remarks track with a clear effort to take down the temperature on a relationship between the world’s two largest economies that has grown increasingly contentious – and not always with clear lines of communication – over the course of Biden’s time in office. “First and foremost, the meeting today is intended to make to stabilize the relationship between the United States and China,” Yellen told a small group of reporters in Bali ahead of Biden’s meeting Monday. At the heart of that effort to stabilize that relationship may be clear instructions to open lines of communication that for years existed between high-level US officials and their Chinese counterparts but have faced an undeniable chill the last two years. “What I’m very much hoping is that it’s a result of the President’s bilateral role with President Xi today, we’ll engage in more intensive conversations going forward with our Chinese counterparts about the Chinese economy, global macroeconomic outcomes, and how policies both in the US and China are impacting those outcomes,” said Yellen. The stakes for the global economy are significant, with uncertainty about China’s economic picture serving as a central factor driving fears of recession around the world. While Yellen noted she’d held conversations over the last two years with her Chinese counterparts, she made clear there is an interest in more concentrated engagements. That communication is viewed as increasingly critical in the wake of aggressive US actions to cut off China’s access to certain technology, accelerating the intensity of an economic and technological competition that rivals and, in many cases, overlaps with its military counterpart. “We’ve been very clear that we have national security concerns and would like to address those,” said Yellen, who has also repeatedly taken a sharp line about the need to reduce US dependence on Chinese supply chains. Still, the former Federal Reserve chair who serves as Biden’s top economic official made clear the opportunity to discuss the issues would bring important clarity to US intentions. “We know they have concerns around it,” Yellen said of recently imposed export controls tied to semiconductors. “I think it’s important for us to be able to clarify with them, their concerns are and what our objectives are.”49 min agoWhat to expect as Biden and Xi meet in BaliPresident Joe Biden, left, and Chinese leader Xi Jinping. (Getty Images)US President Joe Biden and Chinese leader Xi Jinping are meeting for the first time face-to-face since Biden took office in 2021 in an opportunity for the two leaders to discuss major points of tension and seek to find ways to keep open communication, while locked in great power competition. Biden told a news conference last week that he wants to “lay out what each of our red lines are” when he sits down with Xi. The White House reiterated this aim with a statement saying “the leaders will discuss efforts to maintain and deepen lines of communication … responsibly manage competition, and work together where our interests align.” Beijing’s Foreign Ministry said it was important for the two sides to “properly manage differences,” “avoid misunderstanding and miscalculation” and bring China-US relations back to “the right track.” But China would also “firmly defend (its) sovereignty, security and development interests,” a spokesperson said when asked about the meeting at a regular briefing last week.Both leaders are entering the sit-down with momentum from their respective domestic politics behind them. Last month, Xi secured a norm-shattering third term surrounded by close allies, while Biden arrived in Asia over the weekend fresh from better-than-expected mid-term election results for his party.Here’s what’s expected to be on the table:Better communication: Both sides have expressed interest in improving communication and reducing the risk of a misunderstanding that could flare tensions or even see the two powers veer into conflict. In August, China cut off dialogue with the United States in a number of areas in response to a visit from US Speaker of the House Nancy Pelosi to Taiwan.Taiwan: The self-governing, democratic island — one of the most contentious issues between Biden and Xi — is expected to a key area of discussion between the two leaders. Xi has pledged to “reunify” the island, which Beijing has never controlled, with the mainland. Biden has enraged Beijing by saying the United States had an obligation to protect Taiwan should China move on it — in a seeming departure from long-standing US policy.War in Ukraine: A conflict looming large over the G20, Xi and Biden are likely to look for points of agreement on the conflict in Ukraine. China has claimed neutrality, but has refused to condemn Russia’s aggression. Biden may seek to push for Xi to use his close relationship with Russian President Vladimir Putin to press for peace.North Korea: North Korea’s ongoing provocations in the region through its ramping up of missile tests is another subject likely to be on the table. The US is also looking for China to assert its influence to prevent further conflict here.Human rights: Biden is expected to raise US concerns about China’s human rights record. The US accuses China of committing genocide against the Muslim minority population in the western Xinjiang region.
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Yellen says Biden-Xi meeting intended to “stabilize”
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