From [HERE] Recently, US Treasury Secretary Janet Yellen made her first remarks on US economic engagement with China in nearly two years.

She rejected the idea that a war between the US and China is “increasingly inevitable,” that there is “no reason to fear healthy economic competition with any country,” and that “China’s economic growth need not be incompatible with US economic leadership.”

Yellen also said that the primary goal of the US is always to safeguard its “national security” and thus it’s not really out to hamper the rise of China or its economy. But actions speak louder than words, and her comments come on the back of the US attempting to cripple China’s entire semiconductor industry, forcing third-party countries to abide by those restrictions as well, adding numerous Chinese companies to its trade-restrictions entity list, using allegations of forced labour to opportunistically undermine certain Chinese industries and, of course, maintaining broad Trump-era tariffs on Chinese exports to the US.

It might be asked, what form of economic engagement is there to be had? Because the rhetoric, hyperbole and extremity from Washington could not be less conducive to an economic relationship with China, what with terms such as ‘decoupling’ being thrown around, and the existence of an entire US congressional committee purely to produce anti-China legislation. The Biden administration, for that matter, is so sensitive to appearing ‘weak’ on China, that it will capitulate to any popular trend that gains enough political clout, such as calls to ban the popular TikTok app.

The US is so wrapped up on its protectionist, America First doctrine that it cannot be seen to be making concessions. And, looking at Yellen’s choice of words, we see the “catch” – China is only permitted to grow on the condition that it accepts “US economic leadership” – in other terms, the US’ political, economic, and military dominance.

This isn’t about reaching a consensus or agreement between the two parties; it is about Washington unilaterally imposing its demands on Beijing and requiring that it step down from certain ambitions. This is classic Western imperialism when it comes to China. Economic engagement with China and its massive market is great, provided that it is the Americans who are setting the terms and reaping the profits. The idea of the Chinese asserting their own sovereign rights and interests is not an option. [MORE]