US Treasury Secretary Janet Yellen recently wrapped up her four-day trip to China with the aim of improving the strained ties between the two nations.
Has her visit to Beijing been successful? It seems so, at least by one basic measure.
Both the United States and China have resumed face-to-face discussions, adopting a courteous and respectful tone, if not an entirely warm one.
This marks a significant departure from the trans-Pacific communication during the Donald Trump era, which largely relied on social media as a megaphone.
The tone and content from both sides have become more positive and measured. Yellen's visit follows Secretary of State Antony Blinken's high-stakes trip in June, during which both countries pledged to stabilize their relationship.
At the conclusion of her visit on Sunday, Yellen expressed confidence that it would contribute to establishing a "resilient and productive channel of communication with China's new economic team." This should not be underestimated.
Earlier this year, China underwent a significant leadership transition, with many top government officials being replaced by individuals chosen primarily for their loyalty to President Xi Jinping. One notable figure among them is the new economic chief, He Lifeng.
Yellen dedicated a substantial part of Saturday engaging in discussions with Mr. He. She described their talks as "direct, substantive, and productive," while acknowledging significant disagreements between the two sides.
Throughout her visit, Yellen sought to persuade her Chinese counterparts that the United States, under President Joe Biden, does not consider China inherently hostile.
"We do not view our relationship in terms of major power conflict," she emphasized, further stating that "we do not intend to sever" economic ties between the two countries.
The Biden administration appears committed to demonstrating that its approach to China is distinct from the overt hostility of the previous administration. The Chinese response to Yellen's efforts is still awaited.
However, actions carry more weight than mere words. From Beijing's perspective, recent actions by the Biden administration do not appear friendly.
A notable example is the imposition of export controls on specific US microchips used in AI development.
Instead of easing restrictions, the US is expanding them to cover other high-tech exports to China. Additionally, the US is pressuring its allies, including Japan, Germany, and the Netherlands, to refrain from supplying China with advanced microchip technology.
The United States' motivation is clear: it aims to limit China's access to American technologies that could potentially give it an edge in AI and military capabilities, which could be used against the US in a future conflict involving Taiwan, for instance.
While dialogue has been reopened and is expected to intensify in the coming months, the process remains delicate.
Any progress achieved could easily be disrupted by incidents like a "spy balloon" or close encounters between US and Chinese naval vessels or aircraft.
Even the most optimistic experts recognize that managing this relationship is now exceedingly challenging, requiring careful and long-term efforts from both sides to maintain stability.