On Thursday, Treasury Secretary Janet Yellen will remark that the U.S. wants “constructive and fair” commercial relations with China but will defend its national security and oppose China’s attempts to dominate international competitors.

Yellen outlined the Biden administration’s economic goals for the world’s two major economies in Treasury excerpts amid continued conflicts preventing high-level meetings.

Yellen, who plans to visit Beijing to speak with her new economic colleagues, said the U.S. was the world’s largest and most dynamic economy, leading in wealth and technology.

Our success comes from our people, principles, and institutions, not resources or geography. “American democracy, while not perfect, protects the free exchange of ideas and rule of law that underpins sustainable growth,” she said at Johns Hopkins University’s School of Advanced International Studies.

The Biden administration’s economic priorities on China were preserving U.S. national security interests, creating “healthy” competition, and working on global concerns, including climate change, debt relief, and macroeconomic stability.

However, Washington would express concerns about China’s increased support for state-owned enterprises and domestic private firms to dominate foreign competitors and its “aggressive” efforts to acquire new know-how, including intellectual property theft and “other illicit means.”

“We will not hesitate to defend our vital interests,” she added, emphasizing that Washington’s efforts against China were driven by security and values issues, not economic gain.

She said Washington would not compromise on those concerns, even if they required U.S. economic concessions.

She also stated the Biden administration did not want a “winner-take-all” rivalry and believed that fair economic competition might benefit both countries over time.

Sports teams do better against top opponents. “Competition makes companies make better, cheaper products,” she remarked.

She also asked China to fulfill its promise to collaborate with the U.S. on macroeconomic concerns and global issues like climate change and debt hardship.

“More needs to be done,” she remarked. “We call on China to follow through on its promise to work with us on these issues – not as a favor to us, but out of our joint duty and obligation to the world.”