China says talks with US Treasury chief Yellen constructive, pragmatic

Updated on Jul 05, 2022 05:27 PM IST

According to the readout from Chinese side, both sides agreed that the ‘world economy is facing severe challenges’ and that it is of great significance that the two countries strengthen coordination on issues

Cargo containers stacked at a port in Lianyungang in China’s eastern Jiangsu province. (AFP)
Cargo containers stacked at a port in Lianyungang in China’s eastern Jiangsu province. (AFP)

BEIJING: Chinese vice-premier Liu He had a “constructive” dialogue with US Treasury secretary Janet Yellen on Tuesday with both sides agreeing to strengthen “macro-policy communication” and coordination, according to a statement from China.

Liu expressed concern over the additional tariffs that the US had imposed on Chinese goods during the video conversation, the official Chinese statement, released by state news agency Xinhua said.

The exchange was “pragmatic and frank”, the Chinese statement said.

“The two sides had a pragmatic and frank exchange of views on such issues as the macroeconomic situation and the stability of the global industrial chain and supply chain. The exchanges were constructive,” Xinhua reported.

According to the readout, both sides agreed that the “world economy is facing severe challenges” and that it is of great significance that the two countries strengthen coordination on issues.

“The Chinese side expressed its concern about issues including the lifting of additional tariffs on China and sanctions by the US side, and fair treatment of Chinese enterprises,” the statement added.

But both sides agreed that it is important to jointly maintain “…the stability of the global industrial supply chain is beneficial to China and the US and the world as a whole”.

The US Treasury Department, in its own brief statement, said the exchange was “candid and substantive”, but did not mention China’s concern about US tariffs.

“During the candid and substantive conversation, they discussed macroeconomic and financial developments in the United States and China, the global economic outlook amid rising commodity prices and food security challenges,” the US statement said.

Yellen, the statement added “frankly raised issues of concern including the impact of Russia’s war against Ukraine on the global economy and unfair, non-market PRC economic practices”.

Vice-premier, Liu, a member of the Communist Party of China’s politburo, a top decision making body in China, has been the country’s special trade envoy for talks under the China-US Comprehensive Economic Dialogue since 2018.

Besides wide-ranging differences on trade, the two countries are locked in several disputes including in the South China Sea maritime region, Washington’s ties with Taiwan, which China claims is a renegade region and human rights issues in Xinjiang and Tibet.

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  • ABOUT THE AUTHOR

    Sutirtho Patranobis has been in Beijing since 2012, as Hindustan Times’ China correspondent. He was previously posted in Colombo, Sri Lanka, where he covered the final phase of the civil war and its aftermath. Patranobis covered several beats including health and national politics in Delhi before being posted abroad.

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