The United States and China have agreed to conduct "intensive discussions on balanced growth," according to a statement from the U.S. Treasury Department issued on Saturday following two days of talks between Secretary Janet Yellen and Chinese Vice Premier He Lifeng in Guangzhou. After the discussions, Yellen stated that she and the Chinese Vice Premier agreed to initiate talks between the two countries regarding balanced growth in local and global economies, adding that this aims, in part, to address American concerns about China's excess manufacturing capacity.
The scheduled talks represent a new step in the joint efforts to stabilize relations between the world's two largest economies since the summit between Presidents Joe Biden and Xi Jinping last November. In a separate statement, Yellen noted that "these discussions will facilitate a conversation about the macroeconomic imbalance and its link to excess capacity, and I intend to seize this opportunity to advocate for fair conditions for American workers and companies."
