In a significant development, US Treasury Secretary Janet Yellen shared that the relationship between the United States and China has grown more stable over the past year. Speaking to Chinese Premier Li Qiang on Sunday, Yellen emphasized that stability didn’t mean brushing aside differences but rather engaging in tough conversations.
Yellen stressed the importance of responsibly managing the intricate relationship between the two nations. She highlighted the necessity for both countries to cooperate and demonstrate leadership in tackling urgent global challenges. According to a transcript of her remarks, Yellen underscored the significance of direct and open communication for making progress.
During her visit to Guangzhou, Yellen engaged in formal talks with Chinese Vice Premier He Lifeng. The discussions aimed to address concerns raised by the US and other nations regarding China’s increasing industrial overcapacity. This move signifies a step towards addressing key issues in the economic relationship between the two global powers.
Throughout her visit, Yellen didn’t shy away from criticizing China’s economic policies. She raised concerns about Beijing’s treatment of American and other foreign companies operating within China’s borders. Yellen also pointed out China’s practice of subsidizing overproduction in certain sectors, which has led to distortions in global markets.
Despite the criticisms, Chinese Premier Li expressed a sincere hope for partnership between the two countries. Li’s statement indicates China’s willingness to foster a constructive relationship with the United States, emphasizing mutual understanding and cooperation as essential pillars for future collaboration.
Overall, Yellen’s visit to China signifies a significant effort to address differences and promote cooperation between the US and China. While challenges remain, the commitment to open dialogue and engagement lays the groundwork for a more stable and mutually beneficial relationship in the future.
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