Saturday, February 4, 2023

Yellen meets Chinese counterpart in Zurich

ZURICH ( Associated Press) – U.S. Treasury Secretary Janet Yellen met with her Chinese counterpart Wednesday and vowed to work to manage differences and “to prevent competition from degenerating into something like conflict.”

The one-on-one meeting with Chinese Vice Premier Liu He in Zurich is the highest-ranking direct contact between the two countries since their presidents agreed to explore potential areas of cooperation during their first in-person meeting last November.

Liu said he is willing to work to find common ground between China and the United States. “No matter how circumstances change, we must always maintain dialogue and exchange,” he said.

A statement from the US Treasury Department said the officials agreed to further cooperate on issues related to financing the fight against climate change and to “support poor countries in their transition to clean energy”. He said Yellen plans to visit China and host her counterparts in the United States in the near future.

The meeting comes as the two countries face separate but interrelated challenges with trade, technology and other issues.

During the conference, Yellen told Liu: “Although we have areas of disagreement, which we will express directly, we must not allow misunderstandings, especially those that result from a lack of communication, to unnecessarily affect our spoil economic and financial relations.

Both the countries have a responsibility to manage their differences and prevent the competition from ever degenerating into anything like conflict, he said.

Both economies face tough challenges.

China’s economy is reopening after a surge in COVID-19 forced thousands of businesses to close. The United States is slowly recovering from inflation not seen in 40 years and is on track to reach its debt limit, which is about to start a political showdown between Democrats and Republicans in Congress. The debt issue is extremely important for Asia, as China is the second largest holder of US debt.

Nation World News Desk
Nation World News Desk
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