US Treasury Secretary Janet Yellen met with Chinese Premier Li Qiang in Beijing on Sunday, emphasizing the importance of open communication and dialogue in maintaining a stable bilateral relationship between the United States and China. Yellen stated that despite differences, engaging in difficult conversations has contributed to putting the relationship on a more stable footing over the past year.
Premier Li echoed Yellen's sentiments, emphasizing the need for mutual respect and partnership between the two nations. He noted the constructive progress made during Yellen's visit and highlighted the importance of managing the complex relationship responsibly.
Yellen focused her discussions on addressing issues related to China's excess production capacity in areas such as electric vehicles (EVs) and clean energy products. She emphasized the need for a level playing field to protect US workers and businesses while advocating for balanced growth in the economic relationship.
During her visit to Guangzhou, Yellen and Vice Premier He Lifeng agreed to launch a dialogue on balanced growth, aiming to address concerns about overcapacity in China's battery manufacturing sector.
However, Chinese state media have pushed back against Yellen's message, cautioning against protectionist policies and emphasizing the importance of mutually beneficial cooperation. Despite differences, both sides expressed a commitment to managing their relationship responsibly and addressing global challenges together.
