New US-China talks will address a top American complaint about Beijing's economic model, Yellen says

Source: AP

GUANGZHOU, China (AP) — U.S. Treasury Secretary Janet Yellen said Saturday that upcoming U.S.-China talks will tackle a top Biden administration complaint that Beijing’s economic model and trade practices put American companies and workers at an unfair competitive disadvantage.

“I think the Chinese realize how concerned we are about the implications of their industrial strategy for the United States, for the potential to flood our markets with exports that make it difficult for American firms to compete,” Yellen told reporters after the announcement during her trip to China.

“It’s not going to be solved in an afternoon or a month, but I think they have heard that this is an important issue to us,” she said.

The two sides will hold “intensive exchanges” on more balanced economic growth, according to a U.S. statement issued after Yellen and Chinese Vice Premier He Lifeng held extended meetings over two days in the southern city of Guangzhou. They also agreed to start exchanges on combating money laundering. It was not immediately clear when and where the talks would take place.

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