U.S. Treasury Secretary Yellen: Future U.S.-China Talks to Focus on Beijing's Policy Change

U.S. Treasury Secretary Janet Yellen said Monday that future discussions between the U.S. and China will focus on Beijing 's need to change its policy on industry and the economy.

U.S. Treasury Secretary Janet Yellen said Monday that future discussions between the U.S. and China will focus on Beijing's need to shift its policy on industry and the economy, as she wrapped up the fourth and final full day of her trip to China on April 8. 2024.BEIJING — U.S. Treasury Secretary Janet Yellen said Monday that future discussions between the U.S. and China will focus on Beijing's need to change its policy on industry and the economy.

In contrast to other countries' focus on the impact of Chinese overcapacity on global trade, Beijing's oversupply concerns tend to focus on the deflationary aspects, detriments to banking sector health and local governments' fiscal stress, said Yue Su, principal economist for China at The Economist Intelligence Unit.

Yellen acknowledged that efforts to reduce industrial overcapacity or increase domestic demand would not be resolved quickly.Consumer demand in China didn't rebound from the pandemic as quickly as many analysts had expected. In contrast to governments in the U.S. and Hong Kong, Beijing did not issue stimulus checks, but instead focused on cutting business taxes and fees.China has also sought to bolster its technological capabilities in the face of growing U.S.

During her trip, Yellen met with top Chinese officials including Premier Li Qiang in Beijing and Vice Premier He Lifeng in Guangzhou."This has not meant ignoring our differences or avoiding tough conversations," she said. "It has meant understanding that we can only make progress if we directly and openly communicate with one another."

The two countries also agreed to "start Joint Treasury-PBOC Cooperation and Exchange on Anti-Money Laundering to expand cooperation against illicit finance and financial crime," the readout said.

U.S. Treasury Secretary Janet Yellen Future Discussions U.S.-China Beijing Policy Change Industry Economy International Monetary Fund World Bank Group Spring Meetings Washington D.C.

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