US Treasury Secretary Janet Yellen’s recent visit to China aimed to address key economic issues, including trade imbalances and data security concerns surrounding TikTok, while fostering financial cooperation between the two nations.
US Treasury Secretary Janet Yellen has recently concluded her visit to China, where she engaged in discussions addressing several pressing economic issues. The talks, held on undated occasions, covered topics including unfair trade practices, financial stability, and the contentious issue of TikTok’s ownership and associated data security concerns. Specifically, the dialogues aimed to address economic imbalances caused by Chinese subsidies in sectors such as the solar and electric vehicle industries, alongside tackling money laundering linked to the trafficking of precursor chemicals for drugs like fentanyl.
In terms of financial protocols, both nations agreed to enhance cooperation by planning simulation exercises to better handle potential bank failures and coordinate efforts to avert global financial crises. Yellen also revisited Chinese cuisine during her trip, which highlighted cultural exchanges amid serious economic discussions.
In separate news, TikTok, the video-sharing platform, has announced plans to launch a new image-based social network called TikTok Notes. This feature, currently promoted through app notifications and visible on a teaser website, aims to expand TikTok’s functionality beyond video by allowing photo posts. This strategic expansion appears to position TikTok to attract a broader user base and compete more directly with platforms like Instagram, which has shifted its focus from being solely a photo-sharing app to embracing a broader range of content types. Despite its growth, TikTok continues to face regulatory challenges and scrutiny over privacy concerns, affecting its operations and potential market expansions.
