US and China Pledge to Improve Economic Relations

Meetings between Treasury Secretary Yellen and Chinese Vice Premier He Lifeng set the stage for upcoming Biden-Xi summit, amidst ongoing economic tensions.

• The US and China have agreed not to 'decouple' their economies and pledged to improve the business climates for companies operating in both countries, marking a significant step towards easing tensions between the world's largest economies.
• Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng held discussions in San Francisco, setting the stage for a highly anticipated meeting between President Biden and China's top leader, Xi Jinping.
• Despite ongoing economic issues, both countries have expressed a desire for a 'healthy economic relationship' and are looking for ways to work more constructively together.
• Yellen raised concerns about China's nonmarket policies, which the Biden administration believes unfairly subsidize Chinese exports, and their impact on US workers and firms. She also expressed concerns about China's recent export controls on critical minerals and urged China not to support Russia's defense industrial sector.
• The meetings between Yellen and He Lifeng are part of a broader effort by the Biden administration to stabilize relations with China, which includes the initiation of economic and financial working groups to provide a forum for airing grievances and finding ways to collaborate.

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