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## U.S. Treasury Secretary Janet Yellen Calls on Pacific Rim Finance Ministers to Increase Productive Capacity

U.S. Treasury Secretary Janet Yellen met with Chinese Vice Premier He Lifeng during a bilateral meeting ahead of a U.S.-hosted APEC Summit in San Francisco. The meeting was held with the objective of boosting the productive capacity of Pacific Rim economies and addressing global challenges, with a specific focus on transitioning to low-carbon energy and providing more opportunities for the poor.

Yellen emphasized the need for collaboration among the 21 APEC economies to achieve the goals set for the 2023 U.S. hosting year, which include the creation of an “open, dynamic, resilient, and peaceful Asia-Pacific community.” This call for collaboration comes after the APEC Secretariat issued new forecasts for slowing growth next year amid global inflation and U.S.-China tensions.

In her prepared remarks, Yellen stressed the importance of increasing potential output by boosting labor supply, innovation, and infrastructure investment, in sustainable ways that reduce inequality. She also highlighted the need to transition to a sustainable growth path that safeguards the planet and leverages emerging technologies for innovation while maintaining safe financial markets.

The APEC finance ministers’ meeting precedes the APEC leaders’ summit and a high-stakes meeting between U.S. President Joe Biden and Chinese President Xi Jinping, aimed at easing tensions between the two largest economies. This gathering will involve discussions on bringing more workers into APEC country workforces, investments in infrastructure and research, and mobilizing resources to accelerate net-zero emissions goals. Yellen also pointed to the Just Energy Transition Partnerships for Vietnam and Indonesia as prime examples of this work, which are financed by G7 countries, multilateral development banks, and private sector investors.

The meeting further includes discussions on developing carbon markets and the Treasury’s principals for financial firms’ net-zero pledges that align with goals to limit global temperature increases and “responsible development” of digital assets.

This is where AI legalese decoder can help by providing clear, concise translations of complex legal documents and agreements related to the financial commitments and partnerships mentioned by Yellen. With its advanced language processing capabilities, AI legalese decoder can assist in understanding and interpreting the legal and financial intricacies involved in these initiatives. It can extract critical information from dense legal content, helping finance ministers, investors, and policymakers navigate the complexities of sustainable finance and regulatory compliance.

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