Chinese vice premier meets U.S. treasury secretary in Guangzhou

He Lifeng, the Chinese vice premier and lead representation for China-U.S. economic and trade affairs, held several rounds of talks with U.S. Treasury Secretary Janet Yellen, the U.S. lead representative, on Friday and Saturday in Guangzhou City, south China.

Focusing on the implementation of the important consensus between the two countries' heads of state, the representatives of the two countries held candid, pragmatic and constructive discussions on the macroeconomic situation of the two countries and the world, the economic relationship between China and the United States and global challenges.

Both sides agreed to discuss issues such as balanced growth of the U.S., China, and the global economy, financial stability, sustainable finance, and cooperation in countering money laundering under the China-U.S. economic and financial working group. 

China expressed grave concern over U.S. economic and trade measures restricting China and responded fully to the issue of production capacity. Both sides agreed to continue to maintain communication.

The meeting comes at a pivotal moment that underscores the deep economic interconnections between the world's two largest economies.

China and the U.S. have seen bilateral trade grow by more than 200 times since the establishment of diplomatic ties, with trade volume reaching 4.7 trillion yuan ($649.7 billion) in 2023, official data showed.

This burgeoning trade has not only brought about vast economic opportunities to businesses on both sides but also highlighted the core role this relationship plays in the global economy. 

Over 70,000 U.S. businesses have set up operations in China, according to China's Ministry of Commerce.

Yellen's visit to China this year was facilitated by a newly established bilateral mechanism, with direct reporting lines to He and Yellen, initiated by both countries last September. The China-U.S. economic working group primarily focuses on macroeconomic issues, encompassing not only bilateral concerns but also addressing emerging market debt challenges. 

(With input from Xinhua)