US Treasury Secretary Janet Yellen yesterday urged closer communication between China and the US to improve eco- nomic decision-making, and challenged China to join global initiatives to help poorer nations address climate change.
Despite bilateral tensions, record high US-Chinese trade last year showed there was “ample room” to engage in trade and investment, and it was critical to focus on areas of common interest and address disagreements through dialogue, Yellen told Chinese Vice Premier He Lifeng at the start of a meeting. The talks lasted for about five hours, followed by a formal dinner. Chinese state media described the meeting as “in-depth, candid and pragmatic”.
Treasury said the meeting was “candid, constructive, and comprehensive.” Yellen is due to hold a news conference in Beijing today. State-run Xinhua news agency said the talks were “constructive”, but the Chinese side expressed concern about US sanctions and restrictive measures against China. China also believes that generalising the concept of national security does no good for normal economic and trade exchanges, Xinhua reported.
Treasury said Yellen also conveyed that “even when the US and China have disagreements, it is vital that the two countries find ways to work together on issues of shared – and global – concern, including debt distress in low-income and emerging economies and climate finance.”
Yellen also met the People’s Bank of China’s Communist Party chief Pan Gongsheng on Friday and discussed global macroeconomic and financial developments, including the disproportionate impact of recent economic shocks on low-income countries, Treasury said.
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