China holds economic talks with US

    China holds economic talks with US

    Chinese Deputy Prime Minister Liu exchanged views with US Treasury Secretary Janet Yellen on mutual “reflection” issues in his second virtual call in a week with top economic and trade officials under US Secretary of State Biden.

    Liu, who has led China’s negotiations on China-US trade talks since former US President Donald Trump went to war with Beijing, made a similar “honest” exchange with US Trade Representative Kathryn Tai on 26 May.

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    China’s growing engagement with the trade and economic leaders of the world’s largest economy since Joe Biden took office in January comes as the US government criticizes Beijing for human rights abuses and seeks to encourage other to form a united front in China.

    “Secretary Yellen discussed the Biden-Harris administration’s plans to support an ongoing strong economic recovery and the importance of working together in areas of US interest while addressing genuine concerns,” the Treasury Department said in a statement.

    In Liu’s video call with Yellen on Wednesday, the two sides held extensive exchanges on the macroeconomic situation and bilateral and multilateral cooperation, the official Xinhua news agency reported.

    “Both sides believed that Sino-US economic relations were very important,” Xinhua said.

    They also exchanged views honestly on issues of mutual interest and expressed their willingness to maintain communication.

    No details were given on the issues discussed.

    Last week, Tai said the United States still faces “very big challenges” in its trade and economic relations with China.

    The Biden administration is conducting a review of US-China trade policy before the end of the Phase 1 agreement at the end of 2021.

    Beijing and Washington signed the agreement in January 2020. It calls on China to increase US purchases of agricultural goods, manufactured goods, energy and services by $ 200 billion in 2020 and 2021, compared to the key point of 2017 .

    The pact facilitated a two-year tariff war waged by Trump to change China’s trade practices, although tariffs remain in place for hundreds of billions of dollars in trade.

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