Amid strained relations between the US and China, the leaders of the two countries will meet on Wednesday. It is believed that this meeting will help in improving the deteriorating relations between the two in recent years. The meeting between US Treasury Secretary Janet Yellen and her Chinese counterpart Liu He comes at a time when the US and Chinese economies are grappling with various interconnected challenges including trade, and technology. Many issues are likely to be discussed during the meeting.
Corona affected the Chinese economy
The coronavirus has badly affected the Chinese economy. Thousands have died and countless businesses have closed. But the markets have now reopened. At the same time, the US is slowly recovering from 40 years of high price inflation. In addition, the Russian invasion of Ukraine is also hindering global economic growth. The US and its allies have capped oil prices on Russia. At the same time, China is also in a difficult situation as Russia's friend and economic partner.
Global economy on the brink of recession
High-interest rates globally have increased the pressure on debt-laden countries. Many of these countries pay a huge amount to China. Josh Lipsky, senior director of the Atlantic Council's Geoeconomics Center, said the wrong policy move could see the global economy head into recession in 2023. In addition, the World Bank also reported last week that the global economy will be on the verge of recession this year. This will be due to weak growth in all the top economies of the world including the US and China.
Both countries have been trying to compromise for two years
Lipsky said that both countries have been trying for two years to reach an agreement. Some success has been achieved but China's hesitancy is a hindrance to this. Still, Yellen is expected to be able to put pressure on Liu He at the meeting. On Tuesday at the World Economic Forum in Davos, Switzerland, Liu laid out an optimistic vision for the world's second-largest economy. He said that while China is working hard enough, he is confident that in 2023, the country's growth will return to its normal trend. Significant improvement will be seen in the Chinese economy.
The US Secretary of State will visit China
The two world leaders agreed to empower key senior officials to work on areas of potential cooperation, including combating climate change and maintaining global financial, health and food stability. At the same time, Beijing cut off such contact with the US in protest against the visit of then-House Speaker Nancy Pelosi to Taiwan in August. At the same time, US Secretary of State Antony Blinken will visit China in early February. Tension has increased between China and America regarding Taiwan.
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