In Beijing, the United States and China have agreed to hold talks on balanced economic growth and cooperate in the fight against money laundering. According to official sources from both governments, Treasury Secretary Janet Yellen and Deputy Prime Minister He Lifeng engaged in extensive discussions in Guangzhou.
Yellen mentioned that discussions on balanced growth at national and international levels will facilitate a dialogue on macroeconomic imbalances and their connection to excess capacity in China. This will help advocate for equal conditions for American workers and companies. She expressed concern about the impact of Chinese industrial overcapacity in certain sectors due to government support, which could affect the US economy and pose risks to allies and partners.
The discussions will cover domestic demand, investment policies, aging population, fiscal issues, and related policies. Yellen’s visit aimed to address excess production capacity in clean energy technologies, such as electric vehicles and solar panels, that threaten competing companies.
An alliance was established between the Treasury and the People’s Bank of China to combat money laundering, sharing best practices and updates on efforts to combat illicit financing. This collaboration aims to close funding avenues for criminal organizations. Vice Premier He Lifeng expressed concern about US economic and trade measures restricting China but agreed to continue communications on production capacity issues.
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The establishment of this alliance is a positive step towards fighting against money laundering globally. It is crucial that governments work together to combat illicit financing as it poses significant risks not only to financial systems but also national security.
Moreover, discussions on balanced economic growth are crucial as they help advocate for equal conditions for American workers and companies. The United States should continue working with other countries towards achieving sustainable economic growth while addressing concerns about industrial overcapacity.
Overall, these talks represent an opportunity for both countries to work together towards common goals while addressing concerns that may hinder cooperation in certain areas.
In conclusion, these talks are an important step towards creating a more stable global economy while combating illicit financing activities. It is essential that governments continue working together towards achieving sustainable economic growth while addressing concerns about industrial overcapacity.
