BEIJING: China and the United States agree to communicate on the balanced economic growth of the two countries and the world under the framework of the China-U.S. economic working group, and will continue to conduct exchanges on issues including financial stability, sustainable finance and anti-money laundering under the framework of the China-U.S. financial working group, according to China’s Ministry of Finance on Monday.
The fourth meetings of the two working groups are scheduled to be held separately during the spring meetings the World Bank and the International Monetary Fund (IMF) in Washington in mid-April.
Briefing the media on the U.S. Secretary of the Treasury Janet Yellen’s visit to China, Deputy Finance Minister Liao Min said the Chinese side held talks and exchanges with Yellen on multiple levels and fields.
The two sides agreed to implement the important consensus reached by the two heads of state, continue to strengthen communication and cooperation in the economic and financial fields, create a sound environment for the two-way trade and investment activities between enterprises of the two countries, and promote the healthy and stable development of China-U.S. economic relations, said Liao.
He Lifeng, Chinese vice premier and Chinese lead person for China-U.S. economic and trade affairs, holds talks with U.S. Secretary of Treasury Janet Yellen, also U.S. lead representative, in Guangzhou, south China’s Guangdong Province, April 5, 2024. /Xinhua
On macroeconomic situation and addressing global challenges
Liao said that, last year, China’s economy maintained healthy and sustainable growth, and remained the largest engine of global economic growth, which were achieved on the basis of preventing and resolving hidden risks and promoting economic transformation and upgrading.
Stressing that China’s policy of reform and opening up will not stop, Liao said the country is planning and implementing a series of major measures to deepen reform, and accelerating the construction of a unified domestic market to provide broader development space for companies from various countries, including U.S. companies.
During the talks, the U.S. side introduced its macroeconomic situation, including the labor market, inflation, financial system, and fiscal and monetary policies, he added.
The two sides exchanged in-depth views on global challenges such as the debt management of developing countries, World Bank and IMF reforms, anti-money laundering and counter-terrorism financing, and agreed to continue to maintain communication and cooperation on relevant issues through multilateral channels, he said.
U.S. Secretary of the Treasury Janet Yellen speaks to journalists in Beijing, China, April 8, 2024. /CFP
On mutual concerns
The Chinese side emphasizes that the concept of “national security” should not be generalized, and urges the U.S. not to use so-called “diversification” as an excuse to impact normal trade, investment exchanges and the stability of industrial and supply chains, Liao said.
China has also expressed its serious concerns over the U.S. sanctions and restrictions on Chinese companies, additional tariffs and investment restrictions imposed on China, pointing out that these measures harm the legitimate rights and interests of Chinese companies and people, and are also detrimental to the well-being of U.S. companies and people, he said.
China welcomes the U.S. statement that it has no intention to seek decoupling from China, Liao said, expressing the hope that the U.S. will take practical actions to stop imposing sanctions on Chinese enterprises.
