“As the world’s two largest economies, we have a duty to our own countries and to the world to responsibly manage our complex relationship and to cooperate and show leadership on addressing pressing global challenges,” Yellen said ahead of the meeting with Li, according to the department.
“While we have more to do, I believe that, over the past year, we have put our bilateral relationship on more stable footing. This has not meant ignoring our differences or avoiding tough conversations. It has meant understanding that we can only make progress if we directly and openly communicate with one another,” Yellen said before the talks.
‘Crucial’ for US, China to work together: Treasury chief Janet Yellen
‘Crucial’ for US, China to work together: Treasury chief Janet Yellen
Li said both countries must respect each other and should be partners, not adversaries, adding that “constructive progress” had been made during Yellen’s trip, according to Reuters.
The meeting came after two days of talks between Yellen and Chinese Vice-Premier He Lifeng in the southern industrial hub of Guangzhou, where they discussed issues related to overcapacity and agreed to hold “intensive exchanges” to address economic and financial challenges.
Yellen said in Guangzhou that excessive Chinese exports could undercut American interests and lead to “global spillovers”, while Beijing said it had responded fully “to the production capacity issue” and expressed “serious concerns” about US trade restrictions against China.
