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U.S. Treasury Secretary Yellen and Chinese Counterpart Seek to Strengthen Economic Relationship

SAN FRANCISCO (AP) ÔÇö U.S. Treasury Secretary Janet Yellen announced on Friday that she and her Chinese counterpart had reached a mutual agreement to work towards fostering a ÔÇ£healthy economic relationshipÔÇØ between the two nations. This declaration comes in the wake of two days of discussions, which Yellen believes have set the stage for a productive meeting next week between President Joe Biden and Chinese President Xi Jinping.

Yellen emphasized that while many disputes persist between the U.S. and China, she and Chinese Vice Premier He Lifeng have vowed to collaborate on addressing ÔÇ£global challenges, from debt issues to climate change-related economic issues.ÔÇØ Furthermore, both parties have expressed their shared desire to establish a fair and equitable economic environment that benefits companies and workers in both countries.

The U.S. Treasury Secretary also revealed her intentions to revisit China next year, following her initial trip in July, marking her determination to nurture the economic relationship between the two superpowers.

President Biden and President Xi are scheduled to convene next Wednesday during the Asia-Pacific Economic Cooperation summit in San Francisco, marking their first in-person meeting in over a year. This comes at a crucial juncture as competition between the two global economic giants has intensified significantly.

Against this backdrop, their finance ministers engaged in discussions in San Francisco this week with the objective of making headway on a myriad of economic and trade matters. A statement released by the Treasury Department highlighted an agreement to enhance communication on economic issues and underscored a joint commitment to maintaining economic ties.

Treasury Secretary Yellen reiterated the shared goal of fostering fair and mutually advantageous economic relations, stressing that this remains the primary focus for both China and the United States.

Yellen has maintained frequent engagements with various Chinese officials this year, starting with her first face-to-face meeting with former Vice Premier Liu He in Zurich in January. Her visit to China in July further underscores her efforts to promote economic cooperation and address global challenges such as climate change, despite existing tensions over trade and other issues.

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Hussein reported from Washington.

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