U.S. Treasury Undersecretary Jay Shambaugh said on Wednesday the Biden administration will not hesitate to take targeted actions against China to secure the national security interests of the U.S. and its allies and to protect human rights, but added that the two countries must cooperate on global challenges.
In prepared testimony before the U.S. Senate Foreign Relations Committee, Shambaugh said economic decoupling would be "disastrous" for both the U.S. and China and nearly impossible to achieve.
The Biden administration is weighing new restrictions on outbound private investment into China and other countries of concern. The Senateon Tuesday to back legislation that would require U.S. companies to notify federal agencies of proposed investments in Chinese technologies such as semiconductors and artificial intelligence.
U.S. Treasury Secretary Janet Yellen visited Beijing earlier this month to reopen communications and make the same points to China's economic leaders, saying the trip put the relationshipShambaugh said these differences included U.S. objections to Chinese "non-market" economic practices and excessive government support that put U.S. companies at a disadvantage. He added that the U.S.
"While we are still assessing their impact, these actions reinforce the importance of our administration's efforts to build resilient and diversified supply chains," Shambaugh added.Shambaugh, who took over as the Treasury's top economic diplomat in January, said the U.S. and China must also be able to cooperate on pressing global challenges, such as climate change and growing debt distress in developing countries.
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