BEIJING, 7 Apr (AP) \u2014 U.S. Treasury Secretary Janet Yellen sent a message of mutual cooperation at a meeting Sunday with Chinese Premier Li Qiang, highlighting the improvement in relations since her visit to China last year while recognizing that major differences remain.<\/p>\n
After focusing on trade and economic issues for the first two days of her visit, Yellen turned to the broader U.S.-China relationship in the meeting with Li, one of China\u2019s top leaders.<\/p>\n
\u201cWhile we have more to do, I believe that, over the past year, we have put our bilateral relationship on more stable footing,\u201d she said in the ornate Fujian room of the Great Hall of the People on the west side of Tiananmen Square.<\/p>\n
Yellen, who is regarded favorably in China, is the first Cabinet member to visit since Presidents Joe Biden and Xi Jinping met in California in November in a carefully orchestrated meeting to set the troubled relationship between their countries on a better course.<\/p>\n
Li, in remarks before the media before their meeting, said the high media interest in Yellen\u2019s visit \u201cshows the high expectation they have … and also the expectation and hope to grow\u201d the U.S.-China relationship.<\/p>\n
China\u2019s emergence as an economic and military power has created a rivalry with the long dominant United States.<\/p>\n
The U.S. has restricted China\u2019s access to advanced semiconductors and other technology, saying it could be used for military purposes. China, still a middle-income country, accuses the U.S. of trying to constrain its economic development.<\/p>\n
At their meeting, Li told Yellen that China hopes the U.S won\u2019t politicize economic and trade issues or overstretch the definition of national security, the official Xinhua News Agency said.<\/p>\n
Yellen came to China with trade practices that put American companies and workers at an unfair competitive disadvantage at the top of her agenda.<\/p>\n
Chinese government subsidies and other policy support have encouraged solar panel and EV makers in China to invest in factories, building far more production capacity than the domestic market can absorb.<\/p>\n
While that has driven down prices for consumers, Western governments fear that that capacity will flood their markets with low-priced exports, threatening American and European jobs.<\/p>\n
But Li argued that the development of the green energy industry in China would make an important contribution to combating climate change, the Xinhua report said.<\/p>\n
The U.S. and China on Saturday agreed to hold \u201c intensive exchanges \u201d on more balanced economic growth, according to a U.S. statement issued after Yellen and Chinese Vice Premier He Lifeng held extended meetings over two days in the southern city of Guangzhou.<\/p>\n
They also agreed to start exchanges on combating money laundering. It was not immediately clear when and where the talks would take place.<\/p>\n
\u201cAs the world\u2019s two largest economies, we have a duty to our own countries and to the world to responsibly manage our complex relationship and to cooperate and show leadership on addressing pressing global challenges,\u201d Yellen said.<\/p>\n
Relations were at a low point when she visited in July in the early stages of efforts to improve ties.<\/p>\n
China had cut off talks on a range of issues in anger over a visit by then U.S. House Speaker Nancy Pelosi to Taiwan in 2022. Tensions were further inflamed by a Chinese balloon that traversed America in early 2023 before being shot down by a U.S. fighter jet.<\/p>\n
In that context, Yellen\u2019s visit is an attempt to build on a fragile stability that has been established.<\/p>\n
The end of her trip will overlap with a visit by Russian Foreign Minister Sergey Lavrov on Monday and Tuesday that was announced by China\u2019s Foreign Ministry on Sunday.<\/p>\n
China\u2019s sharp rise in trade with the Kremlin has increased since Russia\u2019s invasion of Ukraine in February 2022. While China does not provide weapons to Russia, the U.S. has expressed concern about China\u2019s sale of items to Russia that can have military as well as civilian uses.<\/p>\n
During a press conference Saturday, Yellen addressed the U.S. relationship with China on the subject of Russia.<\/p>\n
\u201cWe think there\u2019s more to do, but I do see it as an area where we\u2019ve agreed to cooperate and we\u2019ve already seen some meaningful progress,\u201d she said. \u201cThey understand how serious an issue this is to us.\u201d<\/p>\n
Yellen also met Sunday with Beijing Mayor Yin Yong and told him that \u201clocal governments play a critical (economic) role, from boosting consumption to addressing overinvestment,\u201d adding that Beijing is particularly important in China.<\/p>\n
\u201cI believe that to understand China\u2019s economy and its economic future, engagement with local government is essential,\u201d Yellen said.<\/p>\n
Later Sunday, Yellen met with students and faculty at Peking University.<\/p>\n
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