US, China finance chiefs open talks with eye on curbing tensions

AFP, San Francisco :
US Treasury Secretary Janet Yellen opened talks Thursday with Chinese counterpart He Lifeng ahead of a key Asia-Pacific leaders’ summit, seeking to limit tensions despite looming national security concerns.

The two days of bilateral meetings kicked off in San Francisco, where the Asia-Pacific Economic Cooperation (APEC) summit is set to begin this weekend.

The gathering is due to be the backdrop for a long-anticipated meeting between US President Joe Biden and Chinese leader Xi Jinping, expected to take place on November 15, sources have told AFP.

On the agenda for the Treasury secretary and He, Beijing’s lead for US-China economic and trade affairs, are concerns about a level playing field for businesses, cooperation on climate change and debt distress, alongside “the use of economic tools for national security purposes,” Yellen said in opening remarks.

“The United States will continue to take targeted actions to protect our and our allies’ national security,” she added ahead of the bilateral talks.

“But we are also committed to communicating clearly about these actions to prevent any misunderstandings or miscalculations,” she added.

“And we welcome more clarity on China’s thinking and actions.”

In opening remarks, He told Yellen that Xi has had multiple meetings with US representatives visiting China, charting the course for bilateral relations.

“Maintaining frequent exchanges and interactions between China and the United States is of great significance to deepening our mutual understanding,” he added.

He also lauded progress made by economic and financial working groups set up shortly after Yellen’s visit to Beijing in July.