Chinese Vice Premier Liu He had a candid conversation with U.S. Treasury Secretary Janet Yellen about macroeconomic and financial issues during their meeting in Zurich, Switzerland, on Wednesday.
This marked their first in-person meeting, following three virtual ones since June 2021, and came in the wake of an important consensus reached by the two heads of state in Bali, Indonesia.
The two sides agreed that strengthening communication and coordination of macroeconomic policies and jointly responding to challenges is beneficial for China, the U.S. and the whole world when global economic recovery is at a critical moment.
Calling the conversation “pragmatic and constructive,” both sides discussed the possibility of deepening cooperation in the macroeconomic and financial sectors.
The two sides acknowledged the importance of sustainable financial cooperation and agreed to enhance cooperation on a bilateral and multilateral basis.
They also agreed to continue supporting emerging markets and developing countries’ green and low-carbon development and economic transformation.
The Chinese side also expressed concerns about U.S. economic, trade and technological policies toward China and hoped that the U.S. side would pay closer attention to the impacts of these policies.
Additionally, China welcomed Yellen to visit the country at an appropriate time this year. The two sides agreed that the economic and trade teams of China and the U.S. should maintain communication at all levels.