New US-China talks to tackle ‘overcapacity’, Treasury chief Yellen says after day 2 of meetings with Vice-Premier He
- ‘Extensive and productive’ talks included agreement on exchanges to help address macroeconomic imbalances, US Treasury Secretary Janet Yellen says
- Second day of talks with Vice-Premier He Lifeng in Guangzhou precedes Beijing trip to meet senior officials including premier and central bank head
Yellen, who is visiting China for the second time in nine months, described her talks with He as “extensive and productive”.
“We agreed that the US and China will hold intensive exchanges on balanced growth in the domestic and global economies. These exchanges will facilitate a discussion around macroeconomic imbalances, including their connection to overcapacity,” she said in a statement from the US Treasury Department.
“These discussions are critical to protecting American interests and to making further progress toward the healthy economic relationship the vice-premier and I jointly seek.”
Future talks would be led by the US Treasury and Chinese finance ministry, the department added in a separate statement.
The agreement in Guangzhou came a day after Yellen said excessive Chinese exports could undercut American interests and lead to “global spillovers”.