US Treasury Secretary Janet Yellen and her team are concluding their visit to China and heading back to the United States after engaging in discussions aimed at addressing key issues between the two countries.
Yellen’s primary focus during the talks was to tackle the issue of unfair trade practices, particularly concerning China’s heavily subsidized production of solar products, electric vehicles, and lithium-ion batteries. The discussions highlighted the risks posed by China’s overcapacity in these industries and the implications for global trade and economic stability.
Additionally, both the US Treasury and the Chinese Central Bank agreed to collaborate in combating money laundering, particularly related to the influx of precursor chemicals for producing fentanyl into the US from China. A joint effort to disrupt the flow of these chemicals is expected to commence in the coming weeks.
Concerns regarding the social media app TikTok, owned by Chinese firm ByteDance, were also raised during the talks. While efforts in the US to ban the app continued, little movement was observed on the issue in China.
In a positive development, the US and China announced an agreement to work together on issues related to financial stability, including conducting exercises to simulate a large bank failure in either country. This collaboration aims to prevent any potential catastrophic impact on the global financial system.
Apart from the discussions, Yellen also enjoyed culinary experiences in China, including dining at popular Sichuan restaurants and visiting a local brewery in Beijing. Her visit garnered attention in the media and on social platforms, showcasing her interest in experiencing different aspects of Chinese culture.