In meeting with Chinese Premier Li in Beijing, US Treasury Secretary Yellen raises concerns about industrial overcapacity and emphasises importance of working together on global challenges such as debt relief for less developed countries.
BEIJING (Reuters) -U.S. Treasury Secretary Janet Yellen told Chinese Premier Li Qiang on Sunday that the ability to have difficult conversations has put the two economic superpowers on "a more stable footing" over the past year. As they began a meeting in Beijing, Li responded that the two countries needed to respect each other and should be partners, not adversaries, adding that "constructive progress" had been made during Yellen's trip. Yellen said Washington and Beijing had a "duty" to responsibly manage the complex relationship, as she brought her case for reining in China's excess factory capacity to the Chinese leadership.