BEIJING: US Treasury Secretary Janet Yellen and Chinese Premier Li Qiang on Sunday expressed optimism for cooperation between the United States and China, though the American policymaker noted both sides cannot shy away from tough conversations.
In a series of high-level talks held on Sunday, US Treasury Secretary Janet Yellen and Chinese Premier Li Qiang acknowledged the necessity of engaging in difficult conversations to address ongoing challenges.
Yellen, who arrived in Beijing after meetings in Guangzhou, stressed the importance of direct and open communication in advancing the US-China relationship. Premier Li expressed China’s sincere desire for partnership rather than adversarial relations with the US. “China sincerely hopes that the two countries will be partners, not adversaries,” Li said in welcoming remarks to Yellen.
During her visit to Guangzhou, Yellen engaged in extensive discussions with Vice Premier He Lifeng, culminating in an agreement to initiate talks on balanced growth within an existing working group. These discussions are aimed at addressing key US concerns regarding overcapacity in certain Chinese industries, particularly in sectors such as electric vehicles and solar energy.
Yellen Stresses Constructive Talks Between China and US
In her opening remarks to Premier Li, Yellen emphasized the progress made in stabilizing bilateral relations over the past year, attributing this achievement to constructive dialogue and engagement. She underscored the importance of continuing to address challenging issues directly, rather than avoiding them. “While we have more to do, I believe that, over the past year, we have put our bilateral relationship on more stable footing,” she said.
Yellen also met with Beijing Mayor Yin Yong and stressed the significance of engaging with local officials to gain insights into China’s economic landscape. Additionally, she engaged with professors from Peking University’s National School of Development to better understand the potential long-term impacts of current policy decisions.
Despite the positive outcomes of the meetings, tensions between the two nations persist. Chinese state media outlets warned of protectionist measures from the US and criticized existing tariffs on Chinese imports. However, there remains optimism for progress, with analysts noting China’s willingness to engage on issues such as overcapacity and anti-money laundering cooperation.
Yellen also issued a warning to companies in China against providing support for Russia’s war in Ukraine, highlighting the potential consequences of such actions. Her discussions are set to continue on Monday, including meetings with former Vice Premier Liu He and central bank governor Pan Gongsheng.
