US Treasury Secretary Janet Yellen Raises Concerns Over Malicious Cyber Activity with Chinese Vice Premier

The US Treasury Department announced that Secretary Janet Yellen met virtually with Chinese Vice Premier He Lifeng on Monday, raising concerns about malicious cyber activity carried out by Chinese state-sponsored actors.

Treasury Secretary Yellen Meets with Chinese Vice Premier

Treasury Secretary Janet Yellen met virtually with Chinese Vice Premier He Lifeng on Monday, discussing various topics including economic developments in both countries and reviewing progress made during meetings of the working groups.

Malicious Cyber Activity by Chinese State-Sponsored Actors

The Treasury Department reported that an unspecified number of its computers had been compromised by Chinese hackers in a "major incident" following a breach at contractor BeyondTrust, which provides cybersecurity services. This incident is the latest in a series of cyber attacks against government agencies that the US government has blamed on Chinese state-sponsored actors.

Economic Developments and Bilateral Relationship

During the meeting, Secretary Yellen expressed serious concern about malicious cyber activity by PRC state-sponsored actors and its impact on the bilateral relationship. The two officials also discussed economic developments in both countries and reviewed progress made during meetings of the working groups.

Reiteration of Concerns

Yellen reiterated concerns she has raised repeatedly about China’s non-market practices and policies and industrial overcapacity, noting they would continue to adversely affect the US-China bilateral economic relationship unless addressed.

Previous Meetings and Threats

Yellen delivered a similar message when she met He in Beijing in April, warning him to rein in excess industrial capacity before President Joe Biden announced steep tariff increases on Chinese-made electric vehicles, batteries, solar products, and semiconductors. President-elect Donald Trump has threatened to impose steep tariffs on Chinese imports in excess of 60%, much higher than those imposed during his first term in office.

Conclusion

The meeting between Secretary Yellen and Vice Premier He Lifeng highlights the ongoing tensions between the US and China regarding cyber security and economic practices. The US government’s concerns about malicious cyber activity by Chinese state-sponsored actors and the impact on the bilateral relationship will likely continue to be a topic of discussion in the coming months.

Published On Jan 7, 2025 at 10:36 AM IST

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