The planned talks are a new attempt to stabilize strained relations between the world’s two largest economies, following a meeting between Presidents Joe Biden and Xi Jinping in November.
The two nations will hold further talks and create two new economic groups dedicated to growth in the domestic and global economies, as well as the fight against money laundering, a statement explained.
Yellen indicated that she and her counterparts “agreed that the United States and China will maintain intensive exchanges on balanced growth of the domestic and global economies. “These exchanges will facilitate discussion around macroeconomic imbalances, including their relationship to overcapacity, and I want to take this opportunity to advocate for a level playing field for American workers and businesses.”
China’s unfair practices
Yellen, who began her five-day visit to the Asian giant in one of its main industrial and export centers, has for the moment focused her conversations with senior Chinese officials on what the United States considers to be unfair trade practices by Beijing.
Yellen’s visit to China, the second in a year, comes at a time when Washington and Beijing clash over several issues, such as access to cutting-edge technology, the future of Taiwan or the social network TikTok.
The US Treasury secretary also warned of “significant consequences” if Chinese companies help Russia, whose invasion of Ukraine in February 2022 has not been condemned by Beijing.
“Secretary Yellen emphasized that companies, including those from the People’s Republic of China, should not provide material support to Russia’s war against Ukraine, to the Russian defense industry” and threatened “significant consequences” if they do so, the US Treasury in a statement.
Source: With information from AP and AFP
