Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Janet Yellen met virtually Monday, during which Yellen expressed concerns about “malicious cyber activity” conducted by Chinese state-sponsored entities, according to a statement from the Treasury Department.
Treasury said last month that Chinese hackers had breached an unidentified number of its systems in what it described as a “major incident” after a hack at cybersecurity services provider BeyondTrust.
A requested briefing on the hack, the most recent in a string of cyberattacks against federal agencies that the U.S. government has attributed to Chinese state-sponsored criminals, has not yet been scheduled, according to congressional officials.
These assaults have taken place in the midst of the Biden administration’s efforts to strengthen ties with China and better handle their competitive relationship, notably by forming financial and economic working groups.
“Secretary Yellen … expressed serious concern about malicious cyber activity by PRC state-sponsored actors and its impact on the bilateral relationship,” Treasury said, describing the call as candid, in-depth and constructive.
According to Treasury, the two officials also reviewed the accomplishments made during working group meetings and talked about economic trends in both nations.
Reiterating her worries, Yellen said that China’s industrial overcapacity and non-market measures would continue to negatively impact the bilateral economic relationship between the United States and China unless they are addressed.
When Yellen met with He in Beijing in April, she sent a similar message, cautioning him to limit surplus industrial capacity prior to President Joe Biden’s announcement of significant tariff rises on Chinese-made semiconductors, batteries, solar items, and electric cars.
According to Treasury, she also emphasized the “significant consequences” that Chinese businesses would have to deal with if they gave tangible assistance to Russia’s conflict against Ukraine.
Donald Trump has promised to put severe tariffs on Chinese goods exceeding 60%, which would be far higher than those levied during his first term in office. Trump will take office on January 20.
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