During a meeting between US Treasury Secretary Janet Yellen and Chinese Vice Premier Li Keqiang, both leaders emphasized the importance of responsibly managing the complex relationship between the world’s two largest economies. Yellen acknowledged that progress had been made in stabilizing the bilateral relationship over the past year, despite differences and tough conversations. She highlighted the need for direct and open communication to make further progress.
Yellen also stressed the importance of the US and China working together to address global challenges. Li echoed this sentiment, emphasizing the need for mutual respect and partnership between the two countries. Both sides acknowledged the progress made during Yellen’s visit to China, with discussions focusing on issues related to overcapacity and agreeing to hold intensive exchanges to tackle economic and financial challenges.
During their talks, Yellen raised concerns about excessive Chinese exports potentially harming American interests and causing “global spillovers”. Beijing, on the other hand, stated that it had addressed the production capacity issue and expressed serious concerns about US trade restrictions. The meeting between Yellen and Li followed two days of talks between Yellen and Chinese Vice Premier He Lifeng in Guangzhou, where they discussed economic issues and agreed on the need for further cooperation.
