In a significant move to bolster economic ties, Chinese Vice Premier He Lifeng met with U.S. Treasury Secretary Janet Yellen in Guangzhou City this weekend. The discussions focused on implementing the important consensus established by the leaders of both nations, addressing macroeconomic conditions, bilateral economic relations, and global economic challenges.
The talks were candid, pragmatic, and constructive, covering topics such as balanced growth in the U.S., China, and the global economy, financial stability, sustainable finance, and cooperation in countering money laundering. Both sides expressed commitment to maintaining open lines of communication.
He Lifeng voiced China's concerns over recent U.S. economic and trade measures affecting China, while also addressing issues related to production capacity. The meeting highlighted the deep economic interconnections between the world's two largest economies, with bilateral trade reaching 4.7 trillion yuan ($649.7 billion) in 2023, a growth of over 200 times since diplomatic ties were established.
The robust trade relationship has created vast opportunities for businesses on both sides, with over 70,000 U.S. businesses operating in China. Janet Yellen's visit was facilitated by a newly established bilateral mechanism, emphasizing the ongoing collaboration between the two nations to navigate macroeconomic challenges and emerging market debts.
The meeting underscores the pivotal role of China-U.S. relations in shaping the global economy.
Reference(s):
cgtn.com
