US Treasury Secretary Janet Yellen held a virtual meeting with Chinese Vice Premier Liu He to discuss global economic recovery, the US Treasury said in a statement on Tuesday.
“Secretary Yellen discussed the (Joe) Biden (Kamala) Harris administration’s plans to support a strong and continued economic recovery and the importance of cooperation in areas of interest to the United States, while frankly addressing issues such as concern.”
The virtual meeting came after Liu spoke with US Trade Representative Catherine Taye last week, for the first time since President Biden took office.
However, the world’s two largest economies remain between them in a trade dispute that began during the tenure of former President Donald Trump. Intellectual property rights, technology transfer, and 5G technology have been issues between the two countries that have yet to be resolved.
“Both sides believe that the economic relations between China and the United States are very important,” the report said.
Describing the talks as “honest, practical and constructive exchanges in the spirit of equality and mutual respect”, the two sides reportedly “agreed to continue their negotiations.”
“In the spirit of equality and mutual trust, they had extensive exchanges on the macroeconomic situation and bilateral and multilateral cooperation, frankly exchanged views on issues of common concern, and expressed their willingness to maintain contacts,” the agency added.
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Amid the epidemic, the US economy contracted by 3.5% in 2020, its worst decline since 1946, while the Chinese economy expanded by 2.3% last year to become the only major economy to record growth despite the restrictions.
After printing about $5 trillion in a year to support the economy, the US dollar weakened against major currencies. On the other hand, the Chinese yuan has reached its highest level against the dollar in about three years, which makes importing goods from China more expensive for the United States.
* Daniela Mendoza contributed to this note.
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