(Niigata City Comprehensive Electric) The United States plans to lead countries in all aspects to overcome the current challenges, including strengthening the global economy through individual and joint operations, reducing inflation rates, increasing Ukraine to resist Russia's invasion, and improving the economyLong -term toughness.
U.S. Treasury Secretary Yellen on Thursday (May 11) at the Seventh -way Group (G7) meeting held in Niigata, Japan, it stated that her priority of this meeting.Yellen pointed out that although there is a downlink risk, the global economy is still better than many people predicted half a year ago. The overall inflation rate of most G7 countries has decreased, and economic growth expectations have been raised.
Yellen said that she will cooperate with the financial ministers of other countries in G7 to increase the share of domestic production and help developing countries to expand their share in the global supply chain and strive to establish greater economic toughness in a long time.
She further explained that this is to help these countries from simply mining industry, to providing greater support for domestic economy and employment to provide greater support for economic activities.
Yellen did not disclose the details, but said that this work will be one of the global infrastructure and investment partners programs with a total amount of G7 600 billion US dollars (about $ 797.2 billion) to transfer private capital to developing countries.Infrastructure projects.
Yellen also pushed the FriendShoring policy, that is, by transferring the supply chain to a more reliable country, the United States and allies depend on China's dependence on key products and materials.She pointed out that doing so can also benefit developing countries.
G7 meeting will be held for three days in Niigata City on Thursday. The G7 Finance Minister is expected to discuss how to diversify the supply chain and avoid relying on China.Yellen also mentioned at a press conference on Thursday that many members of the G7, like the United States, are worried that China has forced other countries with economy and is considering how to deal with it.
She revealed that the US government is also considering whether to implement targeted restrictions on China's overseas investment and has been discussing this issue with the G7 allies.
In addition, in terms of domestic issues, Yellen warned on Thursday that even if the United States did not have the "disaster" of debt defaults, the Republican Party used the issue of increasing the topic of US debt to engage in political marginal policies, which may bring "serious economic costs".
She pointed out that debt defaults will threaten the achievements that the United States has worked hard in the recovery of the epidemic in the past few years, and may trigger the global economic recession and further retreat from the United States."This may also weaken the global economic leadership in the United States and cause questions about our defending national security interests."
Former President Trump has called on Republican lawmakers to refuse the upper limit when the Democratic Party does not agree to reduce expenses.Faced with the increasingly deeper confrontation situation of the two parties, the President Biden warned the meeting to cancel the original Asian trip, including attending the G7 summit next week.
Yellen took a similar deadlock in the US government's debt default when he served as President in 2011, which led the United States to lose AAA debt rating as an example, reminding: "We have no reason to make a crisis artificially."
She said that since 1960, the U.S. Congress has raised or suspended its debt limit by nearly 80 times."I urge to take action as soon as possible and do this again."
In addition, Yellen said at the G7 conference that the United States will cooperate with other countries to weaken Russia's ability to launch war against Ukraine, while taking action to destroy Russia's attempt to avoid international sanctions.
Yellen said that since the first day of the Russian and Ukraine War, Western countries have united to support the Ukrainian people."As I said before, we will always support Ukraine."
