In a significant move to strengthen economic ties, Chinese Vice Premier He Lifeng met with U.S. Treasury Secretary Janet Yellen for several rounds of talks on Friday and Saturday in Guangzhou City, south China. As lead representatives for China-U.S. economic and trade affairs, their discussions are seen as pivotal in navigating the complex economic relationship between the two nations.
The meetings focused on implementing the important consensus reached by the two countries’ heads of state, addressing macroeconomic situations of both nations and the world at large, and tackling global challenges. Both sides engaged in candid, pragmatic, and constructive dialogues, emphasizing the need for balanced growth, financial stability, and sustainable finance.
“China and the United States have deep economic interconnections,” Vice Premier He Lifeng remarked. “It’s crucial that we continue open communication to foster mutual understanding and cooperation.”
Among the key topics discussed was the establishment of the China-U.S. economic and financial working group, which aims to address issues such as cooperation in countering money laundering and supporting emerging markets facing debt challenges. Both parties agreed to maintain ongoing communication on these matters.
China expressed grave concerns over U.S. economic and trade measures that restrict Chinese interests, particularly those affecting production capacity. The Chinese side responded fully to these issues, highlighting the importance of equitable treatment and mutual respect in bilateral relations.
The meeting comes at a time when bilateral trade between China and the United States has grown exponentially. Since the establishment of diplomatic ties, trade volume has increased over 200-fold, reaching 4.7 trillion yuan ($649.7 billion) in 2023, according to official data. This burgeoning trade not only offers vast economic opportunities for businesses on both sides but also underscores the critical role this relationship plays in the global economy.
According to China’s Ministry of Commerce, more than 70,000 U.S. businesses have established operations in China, reflecting the deep economic integration between the two countries.
Secretary Yellen’s visit was facilitated by a newly established bilateral mechanism initiated last September, which allows direct reporting lines to both He Lifeng and Janet Yellen. This mechanism enhances dialogue on macroeconomic issues and demonstrates a commitment to addressing both bilateral concerns and global economic challenges.
As the world’s two largest economies, China and the United States recognize the importance of collaboration in promoting global economic stability and growth. The recent talks in Guangzhou represent a constructive step toward strengthening economic ties and addressing shared challenges in an increasingly interconnected world.
Reference(s):
cgtn.com
