US and China Finance Ministers Meet in San Francisco Ahead of Anticipated Biden-Xi Summit at APEC

US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng begin two-day talks amid heightened economic competition; China seeks easing of restrictions on tech, tariffs on goods, and sanctions for companies, while both sides express low key expectations for the summit.

US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng have begun two days of talks aimed at laying the groundwork for an anticipated meeting between President Joe Biden and Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit.
The US is not expecting major changes to its relationship with China as a result of the meetings, instead hoping to see signs of progress. Analysts also advise that expectations should be kept low due to the competitive nature of the countries’ relationship.
China's main concerns ahead of the meeting include the Biden administration’s China policy, supply chain restrictions, high-tech product restrictions such as advanced chips, and tariffs on Chinese goods. China is calling for 'concrete steps' from the US to slim down the list of more than 1,300 sanctioned Chinese companies.
Some of the contentious issues contributing to the countries' tensions include Biden's executive order to regulate and block high-tech US-based investments going toward China, the US's decision to block exports of advanced computer chips to China, and concerns over data security with regards to Chinese app TikTok.
Despite the strained relations, both nations have made attempts to smooth economic ties. This includes discussions on climate change, trade irritants, and coordination on global challenges. They have also established economic working groups to ease tensions and deepen ties.