US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng agreed to intensify communication to improve relations between the world’s two biggest economies, with the American official planning a visit to China next year, her department said.
Better communication will enable the countries to “work toward common solutions, address disagreements where possible, and avoid misperceptions contributing to unintended escalations,” the Treasury said in a statement Friday following two days of meetings between the counterparts in San Francisco.
The Yellen-He encounter took place just a few days before a highly anticipated meeting between US President Joe Biden and Chinese President Xi Jinping on Nov. 15.
The get-together comes on the sidelines of next week’s Asia-Pacific Economic Cooperation forum in San Francisco. The US is hosting the gathering for the first time since 2011.
During their discussions, Yellen and He emphasized that the US and China are not seeking to decouple their economies, according to the statement.
“They welcomed the objective of a healthy economic relationship that provides a level playing field for companies and workers in both countries and benefits the two peoples,” it said.
The Biden administration’s policy toward China is geared toward defending and securing national security while stressing that the US isn’t trying to hold China back economically — a message that Chinese officials have criticized, given US export controls enacted last year that are designed to deprive China of key technologies. In recent months, Washington has also unveiled a plan to vet outbound investments.
While the two sides have sought to improve ties and reinstate dialogue - especially on economic issues - key points of friction remain.
Tensions between the two geopolitical rivals were running high for much of the past year, over issues ranging from US export controls to Chinese military activity in the South China Sea and then-House Speaker Nancy Pelosi’s visit to Taiwan, which Beijing considers part of its territory.
