Yellen and He Lifeng Meet Ahead of US-China Summit... "Open Dialogue"

Ahead of the summit between U.S. President Joe Biden and Chinese President Xi Jinping, the economic heads of both countries met. This meeting was held to discuss economic agendas ahead of the face-to-face summit, which is taking place for the first time in about a year. Both sides expressed their commitment to an "open dialogue" aimed at improving the frozen U.S.-China economic and trade relations.

[Image source=AP Yonhap News]

According to the U.S. Treasury Department, Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng held talks on the 9th (local time) in San Francisco. This meeting took place over two days in conjunction with the Asia-Pacific Economic Cooperation (APEC) summit scheduled from the 11th to the 17th in San Francisco, during which the U.S.-China summit is being pursued. Accordingly, discussions are expected to cover key summit agenda items such as U.S. export controls, China’s trade practices, climate change, and resolving debt issues in developing countries.

In her opening remarks, Secretary Yellen said, "Over the next two days, I hope we can build upon the solid foundation established so far through substantive and open dialogue," emphasizing, "As I have already stated, the United States does not seek decoupling from China." She pointed out, "A complete separation of our economies would be an economic disaster for both countries and the world."

However, she also reaffirmed the de-risking stance by stating, "If there are concerns about specific economic practices that prevent U.S. businesses and workers from competing on a level playing field, we will convey those concerns directly." The U.S. plans to continue measures aimed at China for national security reasons in coordination with its allies.

Additionally, Secretary Yellen emphasized that both the U.S. and China have an "obligation" to lead in addressing global economic challenges such as climate change, debt issues in developing countries, and emerging markets. Regarding the de-risking policies, including U.S. export controls that China opposes, she added, "We will communicate clearly to avoid misunderstandings or miscalculations."

Vice Premier He stated during the meeting that they would "seek effective means to restore U.S.-China economic and trade relations to their original track." He also mentioned that China would convey its concerns about U.S. export controls and investment restrictions on China. Prior to this meeting, China had expressed dissatisfaction with U.S. export regulations through the social media accounts of China Central Television.

This content was produced with the assistance of AI translation services.