U.S. Treasury Secretary Janet Yellen was unseen for a meeting at the Great Hall of the People in Beijing, China, on Sunday, April 7, 2024. Yellen, who arrives in Beijing later after starting her five-day visit to one of China’s major industrial and export hubs, the discussions will create a structure for listening to people’s views and try to address concerns about overcapacity in China.
U.S. Treasury Secretary Janet Yellen sent a message of cooperation during a meeting Sunday with Chinese Premier Li Qiang, emphasizing that relations have improved since last year’s visit to China while noting that major differences remain.
After focusing on trade and economic issues during the first two days of her visit, Yellen turned to broader US-China relations in a meeting with Li, one of China’s main leaders.
Yellen, who is highly regarded in China, is the first Cabinet member to visit since President Joe Biden and Xi Jinping met in California in November in a carefully choreographed meeting aimed at bringing the troubled relationship between the two countries took a better direction.
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Li, in remarks to the media before their meeting, said the high media interest in Yellen’s visit shows the high expectations they have as well as the hope to develop‘‘ the relationship between the United States and China.
China’s emergence as an economic and military power has created competition with the long-dominant United States. China, still a middle-income country, accuses the United States of trying to slow its economic development.
During the meeting, Li told Yellen that China hopes the United States will not politicize economic and trade issues or expand the definition of national security, Xinhua news agency said.
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The United States and China on Saturday agreed to have “in-depth exchanges on more balanced economic growth, according to a U.S. statement issued after Yellen and Chinese Vice Premier He Lifeng. The meetings lasted two days in the southern city of Guangzhou.
“As the world’s two largest economies, we have an obligation to our countries and to the world to responsibly manage our complex relationships, and to cooperate and demonstrate leadership in addressing urgent global challenges,” Yellen said.
The end of his trip will coincide with the visit of Russian Foreign Minister Sergei Lavrov on Monday and Tuesday, as announced by the Chinese Foreign Ministry on Sunday. The sharp increase in trade between China and the Kremlin has intensified since Russia invaded Ukraine in February 2022.
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At Saturday’s press conference, Yellen addressed the US-China relationship with Russia. ” Yellen also met with Beijing Mayor Yin Yong on Sunday and told him that ‘‘local governments play an important (economic) role, whether it is promoting consumption or fighting overinvestment,‘‘ At the same time, he added that Beijing is especially important in China.
For the economy and its economic future, local government involvement is essential,” Yellen said. Yellen met with students and faculty at Peking University.
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