Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Yellen held two days of economic talks in Guangzhou. Yellen issued a statement after the meeting stating that she and He Lifeng agreed to communicate on balanced growth of the domestic and global economies; the two sides also agreed to launch a forum to cooperate on anti-money laundering work in their respective financial systems.
Yellen said the exchanges will advance discussions around macroeconomic imbalances, including their links to overcapacity, and she intends to use the opportunity to advocate for a level playing field for American workers and businesses.
She believes that the discussions between the two parties were productive and candid. Her first priority during a four-day visit to China will be trying to persuade Chinese officials to rein in excess capacity in electric vehicles, solar panels and other clean energy technologies that threaten similar companies in the United States and elsewhere.
Xinhua News Agency reported that Ho Lifeng and Yellen held multiple rounds of talks. The two sides conducted in-depth, candid, pragmatic and constructive exchanges on the implementation of the important consensus reached by the Chinese and US presidents on the macroeconomic situation of the two countries and the world, Sino-US economic relations and global challenges. , unanimously agreed to discuss issues such as balanced growth, financial stability, sustainable finance, and anti-money laundering cooperation between China, the United States and the global economy under the China-US Economic and Financial Working Group.
China has expressed serious concerns about the US economic and trade restrictions on China and has made a full response to the production capacity issue. Both parties agreed to continue communication.
According to foreign reports, Yellen, Ho Lifeng and their respective teams held a four-and-a-half-hour meeting today on a series of economic topics. Among them, Yellen’s top priority was the United States’ response to China’s growing demand for electric vehicles, solar panels and other Merchandise exports are concerned.
According to a news announcement from the U.S. Treasury Department, Yellen will travel to Beijing on Saturday to continue her visit to China, during which she will meet with Chinese officials such as Premier Li Qiang, Finance Minister Lan Fo'an, and People's Bank of China Governor Pan Gongsheng.
