Yellen also says the two sides must discuss their concerns about economic practices and says Washington wants a ‘fair set of rules’.
Visiting Treasury Secretary Janet Yellen stressed the need for the United States and China to keep communicating on Saturday and cooperate to fight the “existential threat” of climate change .
Speaking at Beijing’s Diaoyutai state guest house, Yellen told Chinese vice-premier He Lifeng that the two countries should interact “directly” when they have concerns about each other’s economic practices.
She said they must continue talking to avoid misunderstandings and “help both sides more fully understand the global economic outlook and make better decisions to strengthen our economies”.
Last year two-way trade totalled US$690 billion last year and Yellen said: “The fact that despite recent tensions we set a record for bilateral trade in 2022 suggests there is ample room for our firms to engage in trade and investment.”
She stressed that Washington was not following a winner-take-all approach or seeking an economic advantage over China, but wanted to ensure a healthy competition with a “fair set of rules” to benefit both sides in the long run.
He responded that Beijing regretted that “unexpected incidents” had derailed efforts to improve China-US ties following a meeting between Presidents Joe Biden and Xi Jinping in November last year.
