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U.S. Treasury Secretary Janet Yellen said 10 hours of meetings with Chinese
officials in two days were “direct, substantive and productive” and a step
forward in helping to set relations between the world’s two largest economies on
a “surer footing.”

Yellen’s Beijing trip comes at a time when Washington is considering curbs on
U.S. investment in China amid an escalating global battle for technological
supremacy. She is the second member of U.S. President Joe Biden’s Cabinet to
visit Beijing in recent weeks amid efforts to stabilize ties between the two
powers.

“The U.S. and China have significant disagreements. Those disagreements need to
be communicated clearly and directly,” Yellen said in prepared remarks. “But
President [Joe] Biden and I do not see the relationship between the U.S. and
China through the frame of great power conflict.”

“We believe that the world is big enough for both of our countries to thrive.
Both nations have an obligation to responsibly manage this relationship: to find
a way to live together and share in global prosperity,” she added.




In comments at a press conference capping her four-day Beijing visit, Yellen
said she told her Chinese counterparts that any curbs on U.S. outbound
investments would be “transparent” and “very narrowly targeted.”

Otherwise, she added, Chinese officials can raise their concerns and the U.S.
will, in some cases, address unintended consequences.

“Broadly speaking, I believe that my bilateral meetings — which totaled about 10
hours over two days — served as a step forward in our effort to put the
U.S.-China relationship on surer footing,” Yellen concluded.

Just days before Yellen’s visit, Beijing had slapped export curbs on chipmaking
metals and its compounds — which China’s Ministry of Commerce claimed to have
given the U.S. and Europe advance notice. In October, the U.S. launched sweeping
rules aimed at cutting off exports of key chips and semiconductor tools to
China. 




DIVERSIFYING, NOT DECOUPLING



Yellen said she “made clear that the United States is not seeking to decouple
from China,” in her discussions with Chinese Premier Li Qiang, Vice Premier He
Lifeng and other senior officials.



“There is an important distinction between decoupling, on the one hand, and on
the other hand, diversifying critical supply chains or taking targeted national
security actions,” she said.

“We know that a decoupling of the world’s two largest economies would be
disastrous for both countries and destabilizing for the world,” she added. “And
it would be virtually impossible to undertake.”

China Vice Premier He said Saturday talks with Yellen were
“constructive,” according to a Chinese government readout.

“Noting that the overstretching of national security does no good to the normal
economic and trade exchanges, the Chinese side expressed concerns over the
sanctions and restrictions imposed by the United States on China,” the same
statement said.

“The two sides agreed to strengthen communication and cooperation on addressing
global challenges, and continue maintaining exchanges and interactions,” the
statement added.




TRICKY BALANCE

Yellen’s task in Beijing was a tricky one. While she expressed her worries on “a
recent uptick in coercive actions against American firms,” she also sought to
seek Chinese cooperation on issues ranging from debt distress in emerging
markets and developing countries to climate change. 



These are principles she laid out in an April speech where she stressed
the importance of fairness in the U.S. economic competition with China.

Then, she had outlined three economic priorities for the U.S.-China
relationship: securing national security interests and protecting human rights,
fostering mutually beneficial growth and cooperating on global challenges like
climate change and debt distress.

“I believe that if China were to support existing multilateral climate
institutions like the Green Climate Fund and the Climate Investment Funds
alongside us and other donor governments, we could have a greater impact than we
do today,” Yellen said ahead of a Friday climate finance roundtable in Beijing.



Yellen’s visit is part of ongoing efforts to stabilize U.S.-China relations
after months of escalating tensions. Her visit came just weeks after Secretary
of State Antony Blinken’s visit last month.

“My objective during this trip has been to establish and deepen relationships
with the new economic leadership team in place in Beijing. Our discussions are
part of a broader concerted effort to stabilize the relationship, reduce the
risk of misunderstanding, and discuss areas of cooperation,” Yellen said
Saturday.

These efforts could pave the way for a meeting between Biden and Chinese
President Xi Jinping on the sidelines of the G20 leaders’ summit in New Delhi in
September and the APEC leaders’ summit in San Francisco in November. Both
leaders last met in Bali last year.

“No one visit will solve our challenges overnight,” Yellen said. “But I expect
that this trip will help build a resilient and productive channel of
communication with China’s new economic team.”

This article was originally published on NBCNews.com




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1 of 8 Photos in Gallery© Stephen Lam, The Chronicle


CHINESE TOURISM STILL HASN’T REBOUNDED — AND IT'S COSTING S.F. BILLIONS. WHY
EXPERTS REMAIN HOPEFUL




As San Francisco struggles to recover from the COVID-19 pandemic, those in the
travel industry are hopeful about its return as a destination for tourists from
around the world. 

In June, international air travel to San Francisco was up to 93% of pre-pandemic
levels, the highest it’s been since the pandemic started, according to a city
controller report. Air travel from some countries, including many in Europe, is
higher than it was in 2019. 



But one crucial group is still missing, industry experts said: those from China.

“The big hole is China,” said Joe D'Alessandro, chief executive officer of San
Francisco Travel, the city’s tourism bureau. “China was our number one market in
terms of spending in 2019, and this year, it is less than half of where we were
then.”

In 2019, 518,000 of San Francisco’s 4.3 million international visitors were from
China, according to data provided by SF Travel. Though outnumbered by about
100,000 by visitors from Mexico, visitors from China spent the most of any
group, accounting for $1.2 billion of the $7.7 billion international tourists
spent in the city that year.

This year, visitors from China are expected to number only one-fifth of their
2019 total, and expected to spend just under $450 million. That brings the
city’s total international visitor spending down from 2019’s $7.7 billion to an
expected $5.9 billion in 2023. 



Those dollars are critical in a city that relies heavily on spending from
international visitors — in 2019, 64% of travel spending in San Francisco came
from people arriving from outside the U.S., D’Alessandro said, the highest
percentage of any major city in the country. The travel and hospitality industry
overall was the city’s largest private industry in 2019, according to the
bureau, and now supports 53,000 jobs, down from 86,000 in 2019.

China’s zero COVID policy, which restricted travel outside the country until
December last year, and diplomatic tensions between the U.S. and China have
suppressed a rebound in travel from the country — and it is unclear when those
tensions will ease, D’Alessandro said, though he expects tourism numbers to
increase over time.

Visitors from China are not expected to return to 2019 numbers for at least the
next three years, according to data provided by SF Travel, but other groups are
expected to make up for that: By 2025, tourism from Mexico, Canada, several
European countries, and Asian countries like India, Korea, Taiwan and Japan are
expected to surpass their 2019 levels, bringing overall tourism levels above the
2019 total as well. 

Those who work in San Francisco’s hospitality industry serving tourists are
hopeful.

Bob Patrite, chief operating officer of Simco Restaurants, which operated five
restaurants and one coffee shop on Pier 39, said that across the business,
numbers this year have been similar to 2019 levels, and that tourists from
Europe, Canada and Mexico are back in a big way.

“I’ve been really pleased,” he said.

While many travelers from Asia are still not returning in their former numbers,
he said, they come in waves depending on the schedule of conventions and
conferences being held in the city, and he’s optimistic that those numbers will
recover in time.

When that happens, he said, the city’s tourism industry will be even better than
it was before the pandemic.

“We’re going to be above pre-pandemic levels if we have the same level of
traffic we do now with the return of Asia on top of that,” he said.




Alex Bastian, the president and CEO of the San Francisco Hotel Council, said
that the slow return of Chinese visitors has hit the hotel industry hard — hotel
occupancy rates and revenues are each around 75% of 2019 levels, according to
the city controller’s report — but the rebound and growth in travel from other
places like Europe, Mexico and Canada are a step in the right direction.



“Things are looking very promising,” he said. 

And the travel industry’s recovery will be key to the city’s recovery, he said.
Diplomatic progress on the international front as well as continued investments
in local infrastructure like San Francisco’s airport are good ways of getting
there, he added.

“The one sure way we can come back sooner, better and stronger is by doubling
down on hospitality and doubling down on travel,” Bastian said. “The energy from
tourists gets back into our city.”

One thing that both travel industry experts and tourists who spoke with The
Chronicle this week agreed on is that despite the negative headlines about
crime, drugs and homelessness, a struggling downtown economy and high-profile
store closures, San Francisco is a great place to visit. According to SF Travel,
92% of visitors it surveyed last year said that they’d like to come back.



Tourists who spoke to The Chronicle this week — many of whom had either been to
San Francisco before, had relatives here or were encouraged to visit by family
or friends who’d previously been — were excited to see the city’s renowned
destinations, and all said they’d return for a second visit if they could.

“This is the most European city in America,” said Belgian tourist Patrick
Xhenseval, on a sunny Tuesday morning in front of the cable car turnaround at
Market and Powell streets, where people speaking a mix of languages waited in
line for an $8 ride on the iconic train. “The atmosphere, the buildings… it’s a
very nice city.”

Xhenseval, visiting with his wife, Vicky, and teenage daughters, Eva and Lisa,
was on a two-week trip to the United States, including stops at several national
parks, Los Angeles and San Francisco. Patrick and Vicky had been to San
Francisco 27 years ago on their honeymoon and wanted to return with their
daughters.



They planned to hit all of the tourist attractions the city is best known for:
the cable cars, Ghirardelli Square, Fisherman’s Wharf, the Golden Gate Bridge
and Golden Gate Park. And while it hasn’t been perfect — they saw cars get
broken into by the Golden Gate Bridge and were surprised by how expensive
everything was — they’d loved their experience so far.

“We’re very happy to be here,” Patrick said.

At Fisherman’s Wharf, the Pilon family were watching the seals while visiting a
relative who lives in San Francisco. They were two days into a month-long trip
to California, and were loving it.

“This is our dream country,” said Mike Pilon, whose sister lives in the city.

Next up on the itinerary — a boat to Alcatraz (“we’re going to see if someone is
still there!” they joked), the Painted Ladies and a redo visit to the Golden
Gate Bridge, which was too foggy to see the day before.

At the top of Lombard Street’s curves, Christine and Jeff Chirao said they
brought their teenage daughter, Fiona, to San Francisco as part of her first
visit to the U.S. from France. They had toured New York and Los Angeles before
arriving in San Francisco — their final stop before flying home. 

“It’s beautiful, and I wanted Fiona to see it,” Christine said, as she and Fiona
snapped photos. 

Christine worked on the Santa Cruz Beach Boardwalk 30 years ago as part of an
exchange program, and has come to San Francisco on business trips since then,
she said. 

Later, the family planned to go to the top of Coit Tower and visit the Painted
Ladies, before renting bikes and riding to Sausalito.

Fiona said she has loved every city on their trip so far and already had a good
feeling about San Francisco, even though their visit just started.

“I think I would like to come back,” she said.

Patrite of Simco Restaurants wasn’t surprised.

“I talk to a lot of guests,” he said. “I have yet to hear someone being
unsatisfied or unhappy with what they've seen or experienced in San Francisco.”

Reach Danielle Echeverria: danielle.echeverria@sfchronicle.com; Twitter:
@DanielleEchev




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