Yellen emphasizes importance of security and fair competition in US-China relations.

Treasury Secretary Janet Yellen said that national security comes first in the U.S.-China economic relationship, and "targeted actions" taken by Washington are not meant to give the U.S. a competitive economic advantage over China. Yellen seeks a healthy economic relationship with China and needs to cooperate with it in key areas like debt overhang and climate change. She said a full economic split between China and the U.S. would be "disastrous". Yellen is planning to travel to China "at an appropriate time" for talks she hopes can help "lay the groundwork for responsibly managing our bilateral relationship and cooperating on areas of shared challenge to our nations and the world."