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Janet Yellen APEC Summit

U.S. Treasury Secretary Janet Yellen urged finance ministers from Pacific Rim countries to prioritize enhancing the productive capacity of their economies. In addition, she emphasized the importance of financing the transition to low-carbon energy and creating more opportunities for those in poverty. Yellen highlighted the need for collaboration among the 21 APEC economies to achieve the goals set for the 2023 U.S. hosting year, which aims to establish an “open, dynamic, resilient, and peaceful Asia-Pacific community.

Janet Yellen APEC Summit

” She emphasized the significance of sustainable growth that not only protects the planet but also provides clean energy for economic development. Yellen also stressed the importance of utilizing emerging technologies to drive innovation while ensuring the stability of financial markets. The Treasury released a research paper emphasizing the benefits of investing in carbon emission reduction, as it would mitigate the costly damages caused by severe weather events. Yellen acknowledged the challenges posed by inflation and U.S.-China tensions, as highlighted in the APEC Secretariat’s forecasts for slowing growth.

She emphasized the need to increase potential output by improving long-term economic prospects through measures such as boosting labor supply, promoting innovation, and investing in infrastructure. Yellen recognized the economic dynamism of the Asia Pacific Economic Cooperation countries and emphasized the significance of their actions in addressing global challenges.

janet yellen china debt

janet yellen china debt

A borrowing country and other stakeholders should have a clear understanding of the debt restructuring process, according to her. Yellen emphasized the importance of establishing a “user guide” to provide this clarity. Additionally, she highlighted the need to strengthen the financial stability of the IMF’s Poverty Reduction and Growth trust, which offers interest-free loans to the most impoverished nations. The U.S. Treasury expressed its willingness to support the IMF in exploring various options, such as utilizing internal fund resources, to achieve this goal.

‘BETTER BANKS’
During her speech, Yellen talked about the upcoming plans for the World Bank and other multilateral development banks. However, she stressed the importance of implementing reforms that tackle global challenges like climate change and pandemics before considering any capital increases for these institutions. Yellen emphasized the need to build better banks rather than just bigger ones. She also mentioned that multilateral development banks could increase lending by $200 billion over a decade through internal resources and balance sheet reforms. By following the recommendations from the G20 Capital Adequacy Framework report, this lending capacity could be further improved.

he lifeng visit to aPEC

Treasury Secretary Janet Yellen is set to hold extensive discussions with her Chinese counterpart, Vice Premier He Lifeng, during a two-day diplomatic visit in San Francisco on November 9-10. This meeting is part of a broader effort by American and Chinese officials to address specific issues and make progress ahead of an anticipated meeting between President Joe Biden and Chinese President Xi Jinping at the Asia Pacific Economic Cooperation forum next week. While China has not yet confirmed President Xi’s attendance at the California summit, U.S. officials remain optimistic.

In an op-ed for The Washington Post, Yellen emphasized the importance of establishing strong lines of communication and preventing disagreements from escalating into conflicts. She acknowledged that crisis management alone cannot define the relationship between the two nations.

he lifeng visit to aPEC

The Treasury Department has been entrusted with implementing an executive order from August that calls for stricter regulations on high-tech exports to China. This includes semiconductors, quantum technology, and artificial intelligence. Yellen emphasized the need to clearly communicate the intent and design of these actions to reduce the risk of misunderstandings and miscalculations, not only to China but also to other countries.

Despite the ongoing tensions, China remains a significant trading partner for the United States. According to the Commerce Department, Chinese imports and exports rank third among all trading partners this year. Yellen and Vice Premier He have also been working to expand trading opportunities through economic and financial working groups established in September. These groups aim to facilitate in-depth discussions on economic and financial policy issues.

During the discussions with Vice Premier He, Yellen will address the challenges posed by China’s noncompliance with market principles, such as the practice of “dumping” exports into the U.S. market at lower prices than established norms. The goal is to find appropriate responses to these barriers and ensure fair trade practices.

united states secretary of the treasury 2023

  • The secretary of the treasury, who is also the chief financial officer of the federal government, leads the United States Department of the Treasury. This individual serves as the primary economic and fiscal policy advisor to the president of the United States. Additionally, the secretary holds membership in the president’s cabinet and the National Security Council. To assume the position, the secretary is nominated by the president and must be confirmed by the Senate Committee on Finance.
  • The United States Department of the Treasury is under the leadership of the secretary of the treasury, who also serves as the chief financial officer of the federal government. This official plays a crucial role as the primary economic and fiscal policy advisor to the president of the United States. Being a member of the president’s cabinet and the National Security Council, the secretary is nominated by the president and requires confirmation from the Senate Committee on Finance.
  • The secretary of the treasury holds a significant position as the chief financial officer of the federal government and leads the United States Department of the Treasury. This official provides essential advice to the president on economic and fiscal policy matters and is responsible for overseeing the department. Nominated by the president, the secretary’s appointment is subject to confirmation by the Senate Committee on Finance.
united states secretary of the treasury list

Click here to view full list of United States Secretary Of The Treasury:

what is filoli?
what is filoli?

The Bourn-Roth Estate, popularly known as Filoli, is an exquisite countryside residence located in Woodside, California. It features extensive formal gardens spanning across 16 acres, encompassed by a vast 654-acre estate, making it an irresistible attraction for those who appreciate nature’s beauty. The gardens are meticulously designed, with enclosed spaces bordered by brick walls and neatly trimmed hedges, offering captivating views along their long axes. Recognized as a significant historical site, the estate is registered on the National Register of Historic Places and holds the distinction of being a California Historical Landmark. Presently, Filoli is under the ownership of the National Trust for Historic Preservation and warmly welcomes the public to explore its wonders.

who owns filoli?
who owns filoli?

William Bowers Bourn II

William Bowers Bourn II was a prominent American entrepreneur and socialite who controlled the Empire Mine and the San Francisco Gas Company. He was also an investor in the Spring Valley Water Company and led a merger that eventually became the Pacific Gas and Electric Company. Bourn II was responsible for building many estates in California, including the famous Filoli country estate in San Mateo County. He was born in San Francisco in 1857 and received his education from Union College, St. Augustine’s College, and the University School in San Francisco. After his father’s accidental death, Bourn II left for England to pursue a classical education at Sidney Sussex College of Cambridge University.

john kerry on apec summit 2023
john kerry on apec summit 2023

This visit is part of a series of important trips to the Indo-Pacific region leading up to the Asia-Pacific Economic Cooperation (APEC) Leaders’ Week in San Francisco. While in Singapore, Secretary Kerry will have meetings with the Prime Minister and other officials to talk about the progress made under the U.S.-Singapore Climate Partnership. Additionally, he will give a speech at the Bloomberg New Economy Forum and have discussions with leaders from the private sector to encourage swift action on climate change in preparation for the 28th UN Climate Change Conference (COP28).

For media inquiries, please contact ClimateComms@state.gov

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