| By Linyi Zheng |

The United States Treasury Secretary Janet Yellen engaged in a series of discussions with the Chinese Vice Premier He Lifeng from November 8 to 12. The meetings, which spanned a total of ten hours, were aimed at reinforcing the critical agreement made between the two heads of state during their talks in Beijing in July. The objective was to prepare for the economic outcomes of the forthcoming meeting between the leaders of the two countries in San Francisco and to guide US-China economic and trade relations toward a path of sound and stable growth. The discussions covered a broad range of topics, including global macroeconomics and financial stability, as well as mutual concerns and global challenges. 

Two Sides, Two Agendas

Yellen expressed her desire to continue the productive dialogue that has been established over the next two days. She emphasized that the United States has no intention of completely disengaging from China, as such a move would have severe economic consequences for both nations and the global community. Instead, Yellen emphasized that the United States desires a mutually beneficial economic relationship with China in the long run and will address any worries regarding Chinese policies that prevent fair competition.

During the discussions, He emphasized that China’s economic recovery has been reinforced, and innovative drivers for economic growth have continued to emerge, thus strengthening the foundation for long-term economic progress. China’s development is fueled by its internal vigor, coupled with the government’s firm resolve to promote high-quality development.

Seeking Shared Interests

After thorough discussions, both parties have come to an agreement to seek common ground, build healthy economic relationships, and work towards addressing shared challenges. Furthermore, it has been mutually decided to collaborate on economic issues related to climate change, low-income, and the debt problems of emerging economies. This accord is a significant step towards fostering a positive and productive partnership, as well as achieving long-term economic stability and growth.