U.S. Treasury Secretary Janet Yellen has emphasized the need for China to shift its policy on industry and the economy during recent discussions between the two countries. Yellen met with top Chinese officials, including Premier Li Qiang and Vice Premier He Lifeng, during her trip to China. The discussions focused on plans Beijing had for its economy, but details were not provided. Both countries agreed on the importance of balanced economic growth and cooperation on issues such as anti-money laundering.
Yellen highlighted the progress made in the bilateral relationship over the past year, emphasizing the importance of direct and open communication to address differences. Chinese Premier Li expressed hope that the U.S. would adhere to market economy norms and avoid politicizing trade issues. He also mentioned China’s efforts in the new energy industry and its contributions to global carbon neutrality goals. The U.S. and China agreed to intensive exchanges on balanced growth in the domestic and global economies during Yellen’s visit.
In addition to discussions with top Chinese officials, Yellen also met with Minister of Finance Lan Fo’an, the mayors of Beijing and Guangzhou, representatives of U.S. businesses, and professors and students at Peking University. The focus of the discussions was on cooperation in areas such as financial stability and anti-money laundering. While a Treasury readout mentioned specific agreements on cooperation against illicit finance and financial crime, the Chinese readout described the talks as constructive with an emphasis on balanced economic growth and anti-money laundering efforts.
Yellen’s trip to China comes as part of ongoing efforts to strengthen the bilateral relationship and address key economic issues between the U.S. and China. The importance of maintaining communication, understanding differences, and working towards common goals was highlighted during the discussions. As tensions persist between the two countries on various trade and economic issues, Yellen’s visit aimed to foster greater cooperation and understanding between the U.S. and China. The future discussions between the two countries are expected to focus on Beijing’s policy shifts and the implementation of agreements reached during Yellen’s visit.
