Chinese vice premier holds talks with US treasury secretary

SAN FRANCISCO - Chinese vice premier and the Chinese lead person for China-US economic and trade affairs, He Lifeng, held several rounds of talks with US Secretary of Treasury Janet Yellen in San Francisco.

He is in the United States for a visit at the invitation of the US side.

The two sides made efforts to implement the important common understanding reached between their heads of state, to make preparations for the economic outcome of the upcoming meeting between the two heads of state in San Francisco, and to push China-US economic and trade relations back to a healthy and stable track.

The two sides exchanged views on China-US economic relations, the economic situations in their countries and the global macroeconomic situation, ways to tackle global challenges, and each other's concerns.

The Chinese side unequivocally raised concerns over US restrictions against China on two-way investment, sanctions on and suppression of Chinese enterprises, export controls against China, and extra tariffs, and demanded earnest action from the US side to address China's concerns.

The talks were candid, practical, in-depth and constructive.

The two sides agreed to enhance communication, seek consensus, manage disputes, and avoid misunderstandings that may lead to unintended escalation. They welcomed the formation of the economic and financial working groups, which are headed by officials at vice-ministerial level and report to the lead persons for China-US economic and trade affairs, and the meetings of the working groups.

The lead persons for China-US economic and trade affairs agreed to communicate directly on a regular basis.

The two sides stressed that they do not seek to decouple their economies, and welcomed the objective of a healthy economic relationship that provides a level playing field for companies and workers in both countries and benefits the two peoples.

The two sides agreed to work together to tackle common challenges, including those concerning economic growth, financial stability and regulation and management. The two sides agreed to cooperate on economic issues related to climate change and debt issues of low-income and emerging economies.

The two sides agreed to strengthen the international financial architecture, promote a meaningful increase in International Monetary Fund quotas, increase the say of underrepresented members/regions through a new quota formula, and accelerate the reform of multilateral development banks to make them better, bigger, and more effective.

The Chinese side, on request, shared China's position on the Ukraine crisis and the Israeli-Palestinian conflict.

The Chinese vice premier also held separate discussions with representatives of Chinese and US companies.