As the US Treasury Secretary, Janet Yellen emphasized the importance of responsibly managing the complex relationship between the United States and China. She stated that both countries have a duty to their own nations and to the world to cooperate and demonstrate leadership in addressing global challenges. Despite differences and tough conversations, progress has been made in putting the bilateral relationship on a more stable footing.
Prior to meeting with Chinese Vice Premier Li Keqiang, Yellen had engaged in two days of talks with Vice Premier He Lifeng in Guangzhou, where they focused on issues related to overcapacity. Both sides agreed to hold “intensive exchanges” to address economic and financial challenges. During her talks with Li, Yellen mentioned that they had made constructive progress in their discussions.
Yellen stressed the need for direct and open communication in order to make progress. She described the relationship between the US and China as “crucial” and emphasized the importance of both countries working together as partners rather than adversaries. Beijing responded by stating that they have addressed the production capacity issue and raising “serious concerns” about US trade restrictions against China.
