US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng agreed to “intensify communication” and cooperate on a range of economic, financial stability and regulatory issues.
This is stated in a US Treasury document distributed after the meeting.
Negotiation Yellen and He Lifeng took place on November 9 and 10 in San Francisco.
The US Treasury Secretary and the Chinese Vice Premier agreed to work together to seek common solutions, resolve differences where possible, and avoid misconceptions that could lead to “unintentional escalation.”
Yellen and He Lifeng exchanged views on the development of the global macroeconomic and financial situation, with Yellen acknowledging the existence of “significant obstacles and risks to the global economy.”
When discussing Russia’s war in Ukraine, Yellen emphasized that Russia must end the war and that Chinese companies “should not provide material support to the Russian military-industrial complex.”
The war between Israel and Hamas (recognized as a terrorist organization in the United States) was also discussed at the meeting. Yellen spoke of the need to “prevent the escalation and expansion of the conflict in the Middle East.”
The US Treasury said in a statement that Yellen plans to visit China next year to continue talks.
Both sides emphasized that they are not seeking to decouple their economies.
“During these meetings, Secretary Yellen emphasized the importance of both countries responsibly managing their bilateral economic relationship, including maintaining reliable communication channels,” the US Treasury said.
