Janet Yellen said the US and China have a responsibility to work together. Reuters
Janet Yellen said the US and China have a responsibility to work together. Reuters
Janet Yellen said the US and China have a responsibility to work together. Reuters
Janet Yellen said the US and China have a responsibility to work together. Reuters

US seeks healthy economic ties with China but security remains top priority, Yellen says


Kyle Fitzgerald
  • English
  • Arabic

Treasury Secretary Janet Yellen on Wednesday said the US seeks a “healthy economic relationship” with China but added that national security remains the highest priority — even if it affects the economy.

Ms Yellen's remarks at Johns Hopkins University’s School of Advanced International Studies came a month after Chinese Foreign Minister Qin Gang accused Washington of inflaming tension between the two nations.

Her speech presented a more positive outlook for the US and China, as she called for the two economic powers to pursue a relationship that would allow them to jointly tackle global challenges such as climate change and debt burdens.

“Progress on these issues requires constructive engagement between the world’s two largest economies,” Ms Yellen said. “Yet our relationship is clearly at a tense moment.”

Relations between Washington and Beijing faltered after a surveillance balloon was spotted soaring over the contiguous US. Taiwan also remains a fraught issue.

Reiterating her faith in the long-term strength of the US economy, Ms Yellen said Washington remains firm in defending its values and national security.

“Within that context, we seek a constructive and fair economic relationship with China,” she said.

Ms Yellen also said that the US and China have a responsibility to work together.

“China and the United States can and need to find a way to live together and share in global prosperity,” she said.

“We can acknowledge our differences, defend our own interests and compete fairly.”

Tackling debt relief and climate change

The US Treasury Secretary said two major economic powers should collaborate on solutions for climate change and debt, but criticised Beijing for acting as a “roadblock” in the debt restructuring process.

“China’s participation is essential to meaningful debt relief,” she said. “But for too long, it has not moved in a comprehensive and timely manner.”

Ms Yellen said debt overhang in low- and middle-income countries such as Zambia has a negative effect on investment and development.

At the same time, she again welcomed China's involvement in helping Sri Lanka secure a bailout from the International Monetary Fund and called on Beijing's “full participation” for similar cases in Zambia and Ghana.

Ms Yellen said working on such cases is a “true test” of multilateralism.

She also noted that China and the US are the world's largest emitters of greenhouse gases.

The US expects China to deliver on commitments made at Cop26, including mitigation targets and ending the financing of coal-operated power plants overseas, she said.

National security remains top concern, even if it comes at a cost

Although she laid out a more positive road map for the two countries, Ms Yellen said national security and human rights remain the two highest priorities for the US.

“We will not compromise on these concerns, even when they force trade-offs with our economic interests,” she said.

  • The suspected Chinese spy balloon drifts to the ocean after being shot down off the US coast, as seen from South Carolina. Reuters
    The suspected Chinese spy balloon drifts to the ocean after being shot down off the US coast, as seen from South Carolina. Reuters
  • President Joe Biden congratulated fighter pilots for taking down the suspected spy balloon. AFP
    President Joe Biden congratulated fighter pilots for taking down the suspected spy balloon. AFP
  • The balloon seen from Holden Beach. Reuters
    The balloon seen from Holden Beach. Reuters
  • Spectators watch from the coast. Reuters
    Spectators watch from the coast. Reuters
  • A jet flies by the balloon. Reuters
    A jet flies by the balloon. Reuters
  • Another spectator watches after the balloon was shot down. Reuters
    Another spectator watches after the balloon was shot down. Reuters
  • The suspected Chinese spy balloon over Billings, Montana. AFP
    The suspected Chinese spy balloon over Billings, Montana. AFP

Ms Yellen scorned Beijing's “no limits” relationship with Russia and warned China not to help Moscow evade sanctions.

“The consequences of any violations would be severe,” she said.

Ms Yellen said the US “will not hesitate to defend our vital interests” and added that any actions undertaken by Washington are not designed to gain an economic advantage.

She said she hopes to visit China at “the appropriate time” to engage in substantive dialogue on economic issues.

BUNDESLIGA FIXTURES

Saturday, May 16 (kick-offs UAE time)

Borussia Dortmund v Schalke (4.30pm) 
RB Leipzig v Freiburg (4.30pm) 
Hoffenheim v Hertha Berlin (4.30pm) 
Fortuna Dusseldorf v Paderborn  (4.30pm) 
Augsburg v Wolfsburg (4.30pm) 
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)

Sunday, May 17

Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)

Monday, May 18

Werder Bremen v Bayer Leverkusen (9.30pm)

 

 

Company profile

Company name: Suraasa

Started: 2018

Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker

Based: India, UAE and the UK

Industry: EdTech

Initial investment: More than $200,000 in seed funding

All Black 39-12 British & Irish Lions

Lions tour fixtures

3 JuneProvincial BarbariansWon 13-7

7 JuneBluesLost 22-16

10 JuneCrusadersWon 12-3

13 JuneHighlandersLost 23-22

17 JuneMaori All BlacksWon 32-10

20 JuneChiefsWon 34-6

24 JuneNew ZealandLost 30-15

27 JuneHurricanes

1 JulyNew Zealand

8 JulyNew Zealand

The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

Did you know?

Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.

HWJN
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Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

Destroyer

Director: Karyn Kusama

Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan

Rating: 3/5 

UAE release: January 31 

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Tips to keep your car cool
  • Place a sun reflector in your windshield when not driving
  • Park in shaded or covered areas
  • Add tint to windows
  • Wrap your car to change the exterior colour
  • Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
  • Avoid leather interiors as these absorb more heat
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The specs

Engine: 2.0-litre four-cylinder turbo

Power: 268hp at 5,600rpm

Torque: 380Nm at 4,800rpm

Transmission: CVT auto

Fuel consumption: 9.5L/100km

On sale: now

Price: from Dh195,000 

'The Sky is Everywhere'

Director:Josephine Decker

Stars:Grace Kaufman, Pico Alexander, Jacques Colimon

Rating:2/5

Thanksgiving meals to try

World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.

Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as  well as festive food platters, canapes and both apple and pumpkin pies.

Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.

The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.

Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
Need to know

Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.

Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.

The specs

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Power: 380hp at 5,800rpm

Torque: 530Nm at 1,300-4,500rpm

Transmission: Eight-speed auto

Price: From Dh299,000 ($81,415)

On sale: Now

Who has been sanctioned?

Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.

Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.

Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.

Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.

The Facility’s Versatility

Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
 
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
 
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
 
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
 
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
 
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket

Updated: April 20, 2023, 4:38 PM