Official announcements from the U.S. Treasury Department or related government entities

U.S. Treasury Secretary Yellen Warns China of Consequences Over Cyber Attacks and Support for Russia

Jan 7, 2025, 05:38 AM

U.S. Treasury Secretary Janet Yellen met virtually with Chinese Vice Premier He Lifeng and raised concerns about 'malicious cyber activity' carried out by Chinese state-sponsored actors, according to the U.S. Treasury Department. The meeting, which took place on Monday, also covered macroeconomic developments in both countries and the work of the Economic and Financial Working Groups established last year. Yellen expressed serious concern over the cyber activities' impact on the bilateral relationship and highlighted issues related to China's non-market policies and practices, as well as industrial overcapacity, which she noted harm U.S. workers and firms. She also warned of significant consequences for companies, including those in China, should they provide material support for Russia's war against Ukraine. Both sides agreed on the importance of maintaining communication during the political transition period in the U.S.