Yellen Warns Europeans About Working With China, Urges Unity

U.S. Treasury Secretary Janet Yellen warned Tuesday that Western allies must take a wary and united approach to checking China and its business practices as they grapple with how to counter Russia’s assault on Ukraine.

“We have a common interest in incentivizing China to refrain from economic practices that have disadvantaged all of us,” Yellen said in a speech to the Brussels Economic Forum.

“These practices range from those affecting trade and investment, to development and climate policies, to approaches to provide debt relief to countries facing unsustainable debt burdens,” she added.

Yellen was in Brussels ahead of a meeting of finance ministers for the Group of Seven leading economies in Bonn, Germany.

She also met Tuesday with EU Commission President Ursula von der Leyen. Yellen said they discussed “critical issues related to energy security, Ukraine’s economic needs, and continued coordination to impose sanctions on Russia.”

Yellen has spoken at length about China’s financing practices in Africa, which has seen a massive influx of Chinese investment. She has recently called on China explicitly to end its relationship with Russia.

“We have a set of common vulnerabilities that we should address,” Yellen said to her European audience.