Yellen, US Treasury Secretary, Meets Chinese Premier: "Need to Curb Overproduction"

U.S. Treasury Secretary Janet Yellen, who is visiting China, met with Li Qiang, the Chinese Premier known as the 'second-in-command' of China, and repeatedly pointed out China's issue of overproduction.

According to major foreign media on the 7th, Secretary Yellen said in her opening remarks at the meeting with Premier Li held in Beijing that China must curb industrial overproduction and that both the U.S. and China have a 'duty' to responsibly manage their complex relationship.

Janet Yellen, U.S. Secretary of the Treasury (Photo by Yonhap News)

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Secretary Yellen stated, "We have a lot of work to do, but over the past year, we believe we have placed bilateral relations on a more stable foundation," adding, "This does not mean that (the two countries) have avoided difficult conversations, but rather that we understand we must communicate directly and openly with each other to move forward."

In response, Premier Li reiterated the existing position that the U.S. and China should be partners, not rivals, and welcomed Secretary Yellen's visit by saying that "constructive progress has been made."

Secretary Yellen, who has been visiting China since the 4th, met with Chinese Vice Premier He Lifeng in Guangzhou in southern China on the 5th and 6th, where they agreed to hold additional U.S.-China talks to discuss issues such as China's overproduction and unfair practices. After the discussions, Secretary Yellen described the talks as "productive and candid," and the state-run China Central Television (CCTV) reported that "deep, frank, practical, and constructive exchanges of views took place."

During the talks, Secretary Yellen pointed out the problem of supply overcapacity originating from China and reportedly urged China to create a level playing field for U.S. businesses and workers.

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