U.S. Treasury Secretary Janet Yellen said that the U.S. and China had agreed to hold talks that will address a key American complaint about China’s economic model
The U.S. and China agreed to hold talks that will address a key American complaint about China’s economic model, Treasury Secretary Janet Yellen said on the second day of an official visit to China.
The two sides will hold more talks and create two new economic groups dedicated to growth in domestic and global economies as well as anti-money laundering, according to a U.S. statement about the creation of the groups.
Yellen, who started her five-day visit in one of China’s major industrial and export hubs, has focused thus far on what the U.S. considers to be unfair Chinese trade practices in talks with senior Chinese officials.
“I think the Chinese realize how concerned we are about the implications of their industrial strategy for the United States, for the potential to flood our markets with exports that make it difficult for American firms to compete,” Yellen told reporters directly after the announcement.
“It’s not going to be solved in an afternoon or a month, but I think they have heard that this is an important issue to us.”
The announcement of the groups come after two days of extended meetings between Yellen and Vice Premier He Lifeng on Friday and Saturday.
The official Xinhua News Agency said that the two sides had agreed to discuss a range of economic and financial issues including balanced economic growth in both the United States and China.
