Yellen Says US-China Relationship on 'More Stable Footing'

Yellen Says US-China Relationship on More Stable Footing: On Sunday, U.S. Treasury Secretary Janet Yellen sent a message of cooperation to Chinese Premier Li Qiang.

Due to Yellen's trade policies, American workers and companies are at a competitive disadvantage.

She said the two countries needed to manage their complex relationship responsibly in order to rein in China's excess factory capacity.

During a meeting with Li in the ornate Fujian room of the Great Hall of People building west of Tiananmen Square, she said, “While we have more to do, I believe that, over the past year, we have put our bilateral relationship on more stable footing."

“This has not meant ignoring our differences or avoiding tough conversations," she said. "It has meant understanding that we can only make progress if we directly and openly communicate with one another.”

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According to Li, the US and China should be partners, not adversaries, and respect each other.

The U.S. media interest in Yellen's visit "shows the high expectations they have, along with the expectation and hope that the U.S.-China relationship will grow."

Yellen and Chinese Vice Premier He Lifeng will hold an intensive discussion on Saturday about more balanced economic growth, according to a U.S. statement released after two days of extended meetings in Guangzhou.

Her second visit to China in nine months is focused on the threat posed by China's excess capacity for electric vehicles, solar panels, and other clean energy products.

To normalize bilateral economic relations, she visited Beijing in July 2023.

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According to Yellen, "as the world's two largest economies, it's our responsibility to manage our complex relationship responsibly and to cooperate and lead in addressing pressing global challenges."

As part of the agreement, they will also talk about preventing money laundering. The dates and locations have not yet been determined.

Guangzhou Vice Premier He Lifeng and Yellen agreed on Saturday to initiate a new dialogue about "balanced growth," which Yellen plans to use to advocate for equal treatment for US businesses and workers there.

On Sunday, Yellen will also meet with Beijing's mayor Yin Yong and students from Peking University.

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