Yellen swops stories of being ‘the only woman in the room’ with Chinese economists

BEIJING – US Treasury Secretary Janet Yellen, a trailblazer in the field of economics, met six female economists in Beijing on Saturday, an effort to spotlight gender diversity following meetings with China’s largely male government leaders.

Dr Yellen, the first woman to head the United States Treasury, has made women’s contributions and importance to economies a focal point of her tenure, often meeting women economists and entrepreneurs during her travels, and hailing the benefits of boosting women’s participation in the workforce and leadership.

A senior Treasury official said the lunch with the Chinese economists will give Dr Yellen, also the first woman to head the US Federal Reserve, a chance to “interact with a number of people... outside the normal policy structure”.

The US Treasury did not name the women participating.

Dr Yellen, 76, said she has seen China’s adoption of market-based economic policies transform the country and lift hundreds of millions of people out of poverty since she began her career in the 1970s.

“It is my hope for the benefit of both China and the United States, as well as for the broader global economy, that those policies are carried out moving forward,” Dr Yellen said, echoing comments on Friday to Chinese Premier Li Qiang, in which she urged China to shift to more market-based reforms.

Dr Yellen told the women – one of whom described herself as a feminist economist – that she is curious to learn more about their backgrounds and research.

“I am sure we share similar stories and experiences about what a career in economics is like, and the challenges you can face,” Dr Yellen said. “I see it all the time when I am almost the only woman in the room, and I am sure many of you have that same experience at decision-making tables.”

The Treasury said Dr Yellen and the participants discussed the Chinese economy and opportunities to increase the representation of women in the workforce, including in leadership positions. 

“The Secretary underscored that women’s participation in the workforce is one of the major drivers of creating inclusive growth,” the Treasury said. “She also noted that women’s contributions to economics, in particular, are important to help ensure that economic research and policymaking appropriately reflect society’s priorities.” 

Chinese President Xi Jinping’s decade as the Communist Party of China’s (CPC) general secretary has seen the number of women in politics and top government roles decline and gender gaps in the workforce widen, with the government emphasising more traditional roles for women.

A June report by the United Nations urged China to adopt statutory quotas and a gender parity system to boost women’s representation in government.

The UN Committee on the Elimination of Discrimination Against Women found that women comprise just over 26 per cent of deputies in the 14th National People’s Congress and, since October, have had no representation in the 24-member Politburo of the CPC, a first in 20 years.

Currently, China’s top female politician is Ms Shen Yiqin, who was appointed in March as one of China’s five state councillors. She ranks higher than a minister and oversees social welfare, veteran affairs and sports.

Dr Yellen, by contrast, is one of 13 women in

President Joe Biden’s 25-member Cabinet

, the most gender-diverse in US history.

One-quarter of the US Senate and 28.7 per cent of the US House of Representatives seats are currently held by women, according to Rutgers University’s Centre for Women in Politics.

China also lags in terms of women’s representation in the top echelons of industry, a recent study showed.

Bain & Company and leadership advisory firm Spencer Stuart reported in March that women account for only 19 per cent of top business executives, compared with an average of 25 per cent in leading countries. REUTERS