In a momentous two-day dialogue, U.S. Treasury Secretary Janet Yellen and her Chinese counterpart have committed to forging a sustainable economic relationship. Their efforts aim at establishing a foundation for a consequential meeting between President Joe Biden and Chinese President Xi Jinping. Although numerous differences divide the two nations, Yellen and Chinese Vice Premier He Lifeng have pledged to collaborate on global challenges such as debt and climate change-related economic issues.
Both parties espouse the idea of a balanced economic relationship, striving to create a fair environment for companies and workers in both countries. Yellen expressed intent to visit China again next year, following her initial trip as treasury secretary in July.
The impending meeting between Biden and Xi at the Asia-Pacific Economic Cooperation summit in San Francisco holds significant weight as it marks the first interaction between the two leaders in a year. Against the backdrop of heightened competition, their finance chiefs recently convened in San Francisco, seeking headway on a multitude of economic and trade matters.
An official statement from the Treasury Department confirmed the mutual commitment to enhance economic communication and emphasized the unwavering dedication to sustaining economic ties. Yellen underscored the shared objective of nurturing ongoing, beneficial economic relations for both China and the United States.
Throughout the year, Yellen has engaged with a range of Chinese officials, beginning with her inaugural face-to-face meeting with former Vice Premier Liu He in Zurich. She later traveled to China in July, advocating for collaboration on climate change and other global challenges while urging against derailing relations over trade disputes.
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Hussein reported from Washington.
