Guangzhou, 8 April 2024 (TDI): US Secretary Janet Yellen met with the PRC’s Vice Premier Li Qiang on 6 April 2024 to discuss bilateral relations and also talked about China’s access to industrial capacity.
Vice Premier Li said the US-China demands that we respect each other and should be partners, not enemies. “Constructive Progress had been made during Yellen’s trip,” he added.
Secretary Yellen said, “Today, I met with Premier Li Qiang to continue discussions between the US and China on responsibly managing our economic relationship, with a level playing field for American workers and firms. I emphasized that we can only make progress if we directly and openly communicate.”
Furthermore, she said, “I concluded an extensive and productive two days of meetings with Vice Premier He Lifeng. We have agreed to launch two significant new initiatives that will advance the interests of American workers and firms and help protect US national security.”
Additionally, she met with Finance Minister Lan Fo’an. They discussed bilateral economic relations and the significant role of the US Treasury Department.
Balance Growth
First, Secretary Yellen and his counterpart agreed to concentrate on “Balance Growth”. Secretary Yellen said we work on different things with China to safeguard US workers and businesses.
Secondly, both counterparts worked on “Joint Treasury-PBOC Cooperation and Exchange on Anti-Money Laundering.” So, they develop their connections against illegal Finance and Financial criminality. Moreover, to protect the Americans and the integrity of the two countries in the financial system.
Thirdly, she said, “I welcome the announcement that the US and China will continue holding technical exchanges on financial issues, including upcoming ones on operational resilience in the financial services sector and on financial stability implications from the insurance sector”.
According to reports, “China has created excess manufacturing capacity that could be between 5 and 10 million EVs per year”.
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Lastly, Secretary Yellen said, “I am glad that the two of us have developed a constructive partnership on macroeconomic and financial policy issues. Our teams have also held important, substantive exchanges on financial stability and other shared priorities through the Financial Working Group.”
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