Hopes for Improved Bilateral Relations
Treasury Secretary Janet Yellen and Chinese Premier Li Qiang have emphasized the crucial role of direct and open communication in advancing U.S.-China relations. Yellen, who recently met with Li in Beijing following discussions in Guangzhou, highlighted the need for a level playing field for American and Chinese workers and businesses.
Building on Progress
A readout from the Treasury Department described the meeting as “frank and productive,” building on strides made at the Woodside Summit between Presidents Biden and Xi. Discussions touched on the impacts of Chinese industrial overcapacity on American workers and firms, a factor that could lead to a surge in exports at reduced prices, affecting international competitors.
“Responsibly Managing a Complex Relationship”
Yellen stressed the importance of the two largest economies cooperating to address global challenges. She reiterated President Biden’s commitment to strengthening ties with China, emphasizing the need for continued dialogue and progress in managing differences between the nations.
Hope for Partnership, Not Adversity
Premier Li expressed China’s sincere desire for a partnership with the U.S., rather than an adversarial relationship. He noted the significant interest among Chinese internet users in Yellen’s visit, signaling optimism for improved relations between the two nations.
“Stability in Bilateral Relations”
Yellen, on her second visit to China in less than a year, highlighted the progress made in stabilizing the bilateral relationship. She underlined the importance of addressing differences through direct communication to facilitate mutual understanding and progress.