On July 8, Secretary of the Treasury Janet Yellen met with Vice Premier He Lifeng of the People’s Republic of China to discuss strengthening economic engagement between the United States and China.
The meeting followed guidance from President Joe Biden and Chinese President Xi Jinping and focused on macroeconomic issues while seeking to foster constructive dialogue between senior officials, according to a Treasury Department press release.
“It is my belief that a wide swathe of our economies can interact in ways that are uncontroversial to both governments,” Yellen said during the meeting. “The fact that despite recent tensions, we set a record for bilateral trade in 2022 suggests there is ample room for our firms to engage in trade and investment.”
During the meeting, Yellen emphasized the potential for mutually beneficial economic interactions between the U.S. and China.
In another press release the Treasury Department issued an official readout saying that candor, constructive exchanges, and comprehensive discussion of pertinent issues characterized the meeting.
Yellen raised concerns and explained the Biden administration’s approach to fostering healthy economic competition with China, the release stated. She also stressed the importance of creating a level playing field for American workers and businesses, ensuring fair and equitable conditions.
Yellen also addressed global challenges, during the meeting. She highlighted critical areas requiring cooperation between the U.S. and China, including debt distress in emerging markets and developing countries, as well as climate change.
She also emphasized the shared responsibility of both nations to collaborate for the benefit of each country and the world, according to the release.
“We have a duty to both our countries and to other countries to cooperate,” she said.