Chinese Vice Premier meets US Treasury Secretary in Guangzhou

CGTN

Chinese Vice Premier He Lifeng met US Treasury Secretary Janet Yellen in Guangzhou, south China's Guangdong Province on Friday afternoon to exchange views on strengthening China-US economic and trade ties.

The meeting comes at a pivotal moment, underscoring the deep economic interconnections between the world's two largest economies. China and the US have seen bilateral trade grow by more than 200 times since the establishment of diplomatic ties, with the trade volume reaching 4.7 trillion yuan (US$649.7 billion) in 2023, official data showed.

This burgeoning trade has not only brought about vast economic opportunities to businesses on both sides but also highlighted the core role this relationship plays in the global economy. Over 70,000 US businesses have set up operations in China, according to China's Ministry of Commerce.

Yellen's visit to China this year was facilitated by a newly established bilateral mechanism, with direct reporting lines to He and Yellen, initiated by both countries last September. The China-US Economic Working Group primarily focuses on macroeconomic issues, encompassing not only bilateral concerns but also addressing emerging market debt challenges.