US Treasury Secretary's China visit hopefully brings positivity to bilateral ties

The US Treasury Secretary's visit to China comes amid growing global uncertainty and is likely to bring a positive atmosphere for addressing bilateral and global challenges, experts and market watchers said on Friday.

Their comments emerged after China's Ministry of Finance said in a statement on Friday morning that China urges the US to take concrete actions for healthy development and mutually beneficial cooperation in the economic and trade ties between the two countries.

In the statement in response to media inquiries about US Treasury Secretary Janet L. Yellen's visit to China, the MOF said the visit is an important measure to implement the consensus reached at their Bali meeting between the leaders of the two countries and to enhance communication and exchange in the financial and economic fields.

The essence of the China-US economic and trade ties is mutually beneficial and a win-win for both sides. There are no winners in trade wars or decoupling, noted in the MOF statement.

Yellen's visit coincides with the current intensification of global economic uncertainty and the growing likelihood on the US side of continued inflation and economic decline, and such a context provides greater possibilities for a win-win outcome for the visit, said Tian Lihui, a professor of finance at Nankai University in Tianjin.

"It is worth noticing that key political figures in the US have recognized the severe risks and possible damage of decoupling between the US and China," he added, "And therefore, before Yellen's visit, the US side has underlined the importance of seeking healthy economic relations with China as well as bilateral cooperation on urgent global challenges."

Tian said he holds an overall positive attitude toward Yellen's visit to China.

"I expect her visit, which centers around bilateral economic and trade relations, will lead to a good consensus, and promote cooperation between China and the US," he said.

Pang Ming, chief economist with global consultant JLL China, said he expects the re-commencement of senior-level Sino-US talks in multiple areas could open up room for more cooperation on bilateral and global issues.

"I expect more working-level communications ahead, on topics where there is more consensus than disagreements, such as climate change and the tariff reduction list, among others," he said, "I also expect progress towards de-escalation to emerge."