Markets Wired

As Prepared for Delivery

Mayor Yin, thank you for your warm welcome. It is a pleasure to meet you in Beijing, and I am looking forward to the opportunity to exchange views with you.

I am in China to carry out President Biden’s guidance to me to build resilient channels of communication between our two countries. U.S. engagement is not limited to senior officials in the Chinese central government. It also extends to local government leaders who make critical day-to-day economic decisions.

I believe that to understand China’s economy and its economic future, engagement with local government is essential. Local governments play a critical role, from boosting consumption to addressing overinvestment, and Beijing of course has particular importance.

I am eager to hear from you today about your experience helping lead China’s capital city—as well as your previous roles in managing China’s foreign exchange reserves and central bank activities. These are all quite challenging tasks.

I also look forward to discussing with you how our countries can progress toward the future with a healthy economic relationship that works for both of our countries.

Thank you again for hosting me here.

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