: Yellen says China acts illegally and tries to dominate rivals in speech on economic ties

by | Apr 20, 2023 | Stock Market

Treasury Secretary Janet Yellen on Thursday criticized China’s aid to companies as she set out how the U.S. wants to act versus the world’s number two-economy. In excerpts of remarks for a speech to be delivered Thursday morning at the Johns Hopkins University’s School of Advanced International Studies, Yellen said China has acted illegally.

China in recent years has expanded support for its state-owned enterprises and domestic private firms to “dominate foreign competitors,” she said. “This strategy has been coupled with aggressive efforts to acquire new technological know-how and intellectual property – including through IP theft and other illicit means.” Yellen also said the U.S. will prioritize national security interests even at the expense of the economy. “As in all of our foreign relations, national security is of paramount importance in our relationship with China. For example, we have made clear that safeguarding certain technologies from the PRC’s military and security apparatus is of vital national interest,” she said. She stressed that the U.S. will not just protects its own national security interests but also those “of our allies and partners” — likely an allusion to Taiwan — as well as h …

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