China denounces Janet Yellen's call for US-European 'unified front'

Topics China | Janet Yellen | US economy

Janet Yellen, chairperson, US Federal Reserve.

China on Tuesday denounced an appeal by Treasury Secretary Janet Yellen for a US-European unified front against Chinese unfair economic practices and human rights abuses.

China strongly deplores and rejects Treasury Secretary Yellen's remarks, said a foreign ministry spokesman, Zhao Lijian.

Yellen issued the appeal Tuesday during a meeting with European Union officials in Brussels. President Joe Biden is trying to revive traditional alliances following the America First policies of his predecessor, Donald Trump.

Together, we need to counter threats to the principles of openness, fair competition, transparency and accountability, Yellen said, according to a text released by her department.

These challenges include China's unfair economic practices, malign behavior and human rights abuses, Yellen said. The more we confront these threats with a unified front, the more successful we will be.

Zhao rejected the criticism, saying Beijing always firmly supported the multilateral trading system under the World Trade Organization.

The ruling Communist Party denies accusations that it steals or pressures U.S., European and other foreign companies to hand over technology and shields its fledgling technology and other industries from competition in violation of its WTO commitments.

European governments also are frustrated that their companies are barred from acquiring most assets in China while Chinese companies, sometimes financed by state banks, have spent billions of dollars to acquire foreign technology and brands.

Beijing also rejects accusations of abuses against predominantly Muslim ethnic minorities in China's northwest. Washington and the European Union have imposed travel and financial sanctions on Chinese officials blamed for abuses.

We do not bully and impose sanctions at every turn, nor do we exercise long-arm jurisdiction against other countries' enterprises, Zhao said, referring to US sanctions.

Biden has said he wants better relations with Beijing but has yet to say whether he will roll back tariff hikes on Chinese goods and other sanctions imposed by Trump in a fight with Beijing over its technology ambitions and trade surplus.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel