Depository Secretary Janet Yellen is gearing up for a two-day tête-à-tête with her Chinese counterpart, Bad habit Chief He Lifeng. They're going to hash things out in sunny San Francisco ahead of the Asia-Pacific Monetary Participation summit. Rumor has it, President Biden might join the party and have a chinwag with Chinese President Xi Jinping. Though, shhh, it's not officially confirmed.
This powwow between Yellen and He is just another episode in the saga of high-stakes talks between the U.S. and China. We've seen the secretaries of state and business, an environmental envoy, and Yellen herself jetting off to Beijing like it's the hottest travel destination. Even China's foreign minister, Wang Yi, had a pitstop in Washington last month.
Now, these meetings aren't just casual chit-chats. They're like the diplomatic Olympics, aimed at defrosting relations that have been in the freezer for a while. Things got icy, especially when the U.S. allegedly burst a Chinese spy balloon earlier this year, triggering a political storm.
Since then, Team Biden has been trying to hit the reset button by compartmentalizing issues. They're like, "Let's not let the trade and national security drama ruin our chance at climate change cooperation and debt relief for Global South countries." It sounds good on paper, but in reality, the homegrown politics in both countries are playing the villain, making progress slower than a turtle on a Sunday stroll.
Despite the hurdles, both sides seem committed to smoothing out the wrinkles in their relationship. Whether they can go beyond that and dance the tango of cooperation remains to be seen.