During a recent dialogue in Beijing, U.S. Treasury Secretary Janet Yellen and Chinese Premier Li Qiang discussed the evolving dynamics of the U.S.-China bilateral relationship, emphasizing its progression to a more stable platform over the last year.
They noted that this stability does not come from sidestepping disagreements or avoiding difficult discussions but through a commitment to managing their intricate ties with responsibility and a shared aim to tackle pressing worldwide issues.
Janet Yellen (Credits: Moneycontrol)
In their conversations, Yellen stressed the importance of open and honest communication as the foundation for making headway in their relationship. This principle of transparency set the stage for an agreement between Yellen and Chinese Vice Premier He Lifeng to commence formal negotiations on a concern shared by the U.S. and other nations: China’s increasing industrial overcapacity.
As reported by Xinhua News Agency, Li urged the U.S. to adopt a market-driven and global viewpoint regarding China’s production capabilities. Throughout her visit, starting from her arrival in Guangzhou, Yellen has been vocal about her criticisms of China’s economic policies, particularly pointing out the unfair treatment of American and other foreign businesses and the market distortions caused by subsidies leading to overproduction in specific industries.
Treasury Secretary Janet Yellen (Credits: www.asahi.com)
Despite these criticisms, the dialogue touched on the potential collaborative efforts between the two nations, especially in China’s burgeoning new energy sector. Li highlighted the major role this sector could play in fostering a global shift towards greener and more sustainable energy solutions.
He expressed a genuine desire for the U.S. and China to work together as partners in this global environmental endeavor, marking a hopeful perspective on the future cooperation between the two major economies.
