Yellen Discusses Economic Competition with Vice Premier of China’s State Council
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US Treasury Secretary Janet Yellen, during a meeting today with Vice Premier of the State Council of China He Lifeng, who oversees economic affairs, discussed approaches to finding healthy competition in the economy. About it reported on the website of the US Department.
“Raising concerns, Secretary Yellen discussed approaches to finding healthy economic competition with China while creating a level playing field for US workers and businesses,” the Treasury said in a press release.
Yellen during the meeting stressed that despite the disagreements between Washington and Beijing, it is necessary to find ways to work together on global issues. The Ministry of Finance described the meeting itself as frank, constructive and comprehensive.
At the beginning of the event, according to the website of the Ministry of Finance exposure, Yellen said the US and Chinese economies could interact in a way that neither government would object to. Cooperation between the US and China is essential in global initiatives to fight climate change and help poor countries, she added.
“The fact that, despite recent tensions, we set a bilateral trade record in 2022 shows that there is ample opportunity for our firms to trade and invest,” she said.
The talks lasted five hours, followed by an official dinner, Reuters notes. The Chinese side also considered the talks constructive. According to the agency, Yellen also met today with the head of the People’s Bank of China Pan Gongsheng, discussing with him global macroeconomic and financial issues, including the disproportionate impact of the “recent economic turmoil” on poor countries.
On July 7, US Treasury Secretary Janet Yellen, in a meeting with Chinese Premier Li Qiang, said that Washington is committed to healthy competition with China, in which “the winner does not take all,” but both sides benefit. However, the minister criticized Beijing for its recent crackdown on US companies and new export controls on some key minerals.
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