US Treasury Secretary: China Has "Graduated" from ADB

US Treasury Secretary Janet Yellen urged the latter to take specific measures to put China on a clear path away from borrowing from the Asian Development Bank (ADB) when she met with ADB President Takehiko Nakao on Thursday.

The ADB is a financial institution aimed at promoting economic growth and cooperation in the Asia-Pacific region. The ADB helps its members and partners promote social and economic development through providing loans, technical assistance, grants, and equity investments.

According to the US Treasury Department, Secretary Yellen reiterated during the talks that the US was committed to working with all allies and partners to establish a more equitable international economic system under the economic agenda of President Trump's "America First".

In the meeting, Yellen urged Nakao to take specific steps to put China on a clear path toward "graduating" from borrowing from the ADB, and emphasized the value of the ADB's procurement practices based on best value.

Yellen also pointed out the importance of "fully adopting energy strategies" for effective development financing, and exchanged views with Nakao on civilian nuclear energy issues.

As a key member of the Trump administration's economic policy team, Yellen also said in a statement on Friday that she was encouraged by the "productive" preliminary trade negotiations held this week with representatives from Japan and South Korea.

In a press release issued by the US Treasury Department the day after holding bilateral talks with Japanese Finance Minister Taro Aso in Washington, it was stated that Yellen "welcomed the good start in bilateral trade discussions between the United States and Japan".

The US Treasury Department also said that the tariff negotiations between Yellen and US Trade Representative Katherine Tai with South Korean Deputy Prime Minister Choi Sang-mok and Minister of Trade, Industry and Energy Moon Un-gyu on Thursday aimed to find a new balance point to encourage more trade between the two allied countries rather than restrict trade.

Yellen and Choi reaffirmed the strong bilateral relationship between the United States and South Korea, and agreed to further conduct productive discussions, including monetary policy issues.

Source: rfi

Original Article: https://www.toutiao.com/article/1830521722428484/

Disclaimer: This article only represents the author's personal views.