Chinese Vice Premier, U.S. Treasury Secretary oppose decoupling

Washington, The Gulf Observer: China and the U.S. both stressed they do not seek decoupling as Chinese Vice Premier He Lifeng, also China’s lead person for China-U.S. economic and trade affairs, held multiple talks with U.S. Treasury Secretary Janet Yellen during his visit to the U.S. from November 8 to 12.

The Chinese side expressed its concern over the U.S. sanctions against Chinese enterprises, two-way investment restrictions, export controls and tariff measures on China, asking the U.S. side to respond with concrete actions.

The two sides reached an important consensus as they agreed to strengthen communication, seek consensus, manage differences, and avoid misunderstanding accidentally leading to escalation of friction.

Both sides welcomed the establishment and meetings of the China-U.S. economic and financial working groups. The vice premier and Yellen also agreed to communicate directly with each other on a regular basis.

They also welcomed the development of a healthy economic relationship that provides a level playing field for businesses and workers in both countries and promotes the welfare of both peoples.

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

They also agreed to strengthen international financial architecture, promote meaningful quota replenishment of the International Monetary Fund and efforts to increase the voice of underrepresented members/regions through the new quota formula, and accelerate the adoption of reforms of the multilateral development banks to make them better, bigger and more effective.