Beijing, Apr 6 (EFE).- US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng have agreed to launch exchanges on “balanced growth” in domestic and global economies.
The two leaders held two-day trade talks on Friday and Saturday in China’s southern export hub of Guangzhou.
The exchange will encompass various critical issues such as domestic demand, investment policies, population aging, and fiscal matters, a US Treasury Department statement said.
Before her trip, the second she has made to China in less than a year, Yellen said she would discuss with Chinese officials what Washington considers “unfair trade practices,” including Beijing’s subsidies to key sectors like solar energy and electric vehicles and China’s industrial overcapacity.
Yellen underscored to Vice Premier He, who oversees China’s economic policy, the “resilience” of the US economy as a “key driver of global growth,” while also acknowledging the “significant challenges and risks” confronting the global economy, notably the conflict in Ukraine.
She also voiced concerns over certain Chinese practices deemed “contrary to the market” and their adverse effects on US workers and companies. Yellen urged actions to tackle industrial overproduction in specific sectors of the Chinese economy, a central focus of her visit.
The two sides also discussed national security matters, with an emphasis on the principle that companies, including Chinese entities, should refrain from providing material support for Russia’s war against Ukraine.
Yellen said US national security actions were grounded in “clearly defined security concerns” and were transparently applied, clarifying that her country “does not seek” to decouple from China.
According to the official Chinese news agency Xinhua, the dialogue between Yellen and He was characterized as “frank, pragmatic, and constructive,” with a particular emphasis on “global challenges and the pursuit of balanced growth.”
The Chinese delegation expressed concerns about US economic and trade measures that “restrict China” and provided a comprehensive response to the issue of Chinese industrial overcapacity, which is of concern to Washington, according to the agency.
Moreover, both sides agreed to intensify their exchanges in combating money laundering in their financial systems.
Secretary Yellen is scheduled to depart for Beijing on Saturday, where she will hold meetings with senior officials including Prime Minister Li Qiang and President of the People’s Bank of China (Central Bank) Pan Gongsheng.
Yellen’s visit follows a conversation between Chinese and US Presidents Xi Jinping and Joe Biden, characterized by the White House as “frank.”
However, according to the Chinese government, there were some tensions during the call.
Before commencing her trip, Yellen affirmed Washington’s determination to develop American supply chains in electric vehicles and solar energy and did not rule out “other possible ways to protect them,” hinting at the potential imposition of new tariffs on certain Chinese products.
Xi cautioned Biden on Monday that China “will not stand idly by” if Washington persisted in suppressing China’s “legitimate right to development.” EFE
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