US Treasury Secretary Janet Yellen and Chinese Premier Li Qiang have emphasized the importance of having difficult conversations to maintain a stable footing in the bilateral relationship between the two economic superpowers. Yellen stated that responsible management of the complex relationship is a duty, as she discussed reining in China's excess factory capacity with the Chinese government.
BEIJING – US Treasury Secretary Janet Yellen told Chinese Premier Li Qiang on April 7 that the ability to have difficult conversations has put the two economic superpowers on “a more stable footing ” over the past year.
Dr Yellen said at the start of a bilateral meeting with Mr Li in Beijing that the two countries had a “duty” to responsibly manage a complex relationship, as she brought her case for reining in China’s excess factory capacity to the highest levels of the Chinese government. “While we have more to do, I believe that, over the past year, we have put our bilateral relationship on more stable footing,” she said in prepared remarks. “This has not meant ignoring our differences or avoiding tough conversations. It has meant understanding that we can only make progress if we directly and openly communicate with one another.” Dr Yellen has made the threat of China’s excess production capacity for electric vehicles, solar panels and other clean energy products to producers in the US and other countries a key focus of her second visit to China in nine months. She visited Beijing in July 2023 to try to normalise bilateral economic relations. On April 6 in Guangzhou, she and her main economic counterpart, Vice-Premier He Lifeng, agreed to launch a new dialogue focused on “balanced growth”, a forum that Dr Yellen said she intends to use to advocate for a level playing field with China to protect US workers and businesses. “As the world’s two largest economies, we have a duty to our own countries and to the world to responsibly manage our complex relationship and to cooperate and show leadership on addressing pressing global challenges,” Dr Yellen told Mr Li. REUTERSPlease verify your e-mail to read this subscriber-only article in full
US Treasury Secretary Chinese Premier Stable Footing Bilateral Relationship Economic Superpowers Difficult Conversations Responsible Management Complex Relationship Excess Factory Capacity
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