In their meeting, Yellen and Li discussed the need for direct and open communication between the U.S. and China to move their relationship forward. Yellen emphasized the importance of a level playing field for American and Chinese workers and businesses, as well as addressing the impacts of Chinese industrial overcapacity on American workers and firms. This overcapacity has led to concerns about Chinese government support for industries leading to excess production capacity and potential undercutting of international competitors through exports at depressed prices.
Yellen’s discussions with Li also touched on the responsibility of the two largest economies in the world to manage their relationship and cooperate on global challenges. She highlighted the importance of building on the progress made at the Woodside Summit in deepening bilateral discussions. Li expressed hope for the U.S. and China to be partners rather than adversaries, emphasizing the desire for continued improvement in their relationship. Both sides acknowledged the interest of Chinese internet users in Yellen’s visit, signaling a positive outlook for the future of China-U.S. relations.
During her visit to China, Yellen had intensive meetings with Chinese officials, including Vice Premier He Lifeng, to discuss concerns about overcapacity in new industries like electric vehicles and solar energy. Yellen’s visit, at the direction of President Biden following the Woodside Summit, aimed to build on the foundation laid at the summit and further stabilize the bilateral relationship. Yellen highlighted the need for direct and open communication to address differences and make progress in the relationship between the two countries.
Yellen’s trip to China marked her second visit in less than a year, reflecting the importance of ongoing dialogue between the U.S. and China. She expressed optimism about the progress made in the bilateral relationship over the past year, emphasizing the importance of understanding and addressing differences through communication. The discussions between Yellen and Chinese officials underscored the need for cooperation and responsible management of the U.S.-China relationship, particularly in addressing global challenges and ensuring a fair and equitable environment for workers and businesses in both countries.
