U.S. Treasury Secretary Janet Yellen and her team are hoping their second visit to China in nine months, building on a series of bilateral talks, will yield valuable clues to the true state of the world’s No. 2 economy — even if no significant policy agreements are anticipated.
China has cracked down on the availability and discussion of some unflattering data in recent years, as the nation’s economy faces major threats from a property crisis and geopolitical spats. Gleaning information about the Chinese economy, including details on the measures Beijing is considering to secure the government’s 2024 growth goal, will be a key focus of the Yellen delegation, a senior Treasury official told reporters ahead of this week’s visit.
Yellen departed Wednesday, on the heels of the first one-to-one communication between Presidents Joe Biden and Xi Jinping since November. She’s scheduled to meet China’s economic policy czar, Vice Premier He Lifeng, along with his predecessor Liu He, who analysts say retains influence, and the central bank and finance chiefs.