Treasury Secretary Janet L. Yellen is set to meet with Chinese Vice Premier He Lifeng in San Francisco this week, amidst global economic pressures and geopolitical conflicts. The meeting comes as a precursor to the Asia-Pacific Economic Cooperation (APEC) summit, with a focus on fortifying the economic relationship between the U.S. and China.
The high-level talks will address significant matters such as debt relief for developing nations and financing for climate change initiatives. The duo will also seek to clear up misunderstandings arising from recent U.S. national security actions, including investment restrictions in Chinese industries.
This initiative underscores the Biden administration’s drive to better comprehend China’s economic policies. This is a continuation of efforts that began with Yellen’s visit to Beijing in July and the subsequent establishment of financial and economic working groups for continuous dialogue between the two nations.
In addition to these discussions, Yellen is also championing for the diversification of U.S. supply chains as a strategy to lessen dependence on China. This move forms part of a broader plan to ensure stability and resilience in U.S. economic operations amidst shifting global dynamics.
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