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U.S.-China ties will be in focus as Treasury Secretary Janet Yellen hosts Chinese Vice Premier He Lifeng on Thursday and Friday in San Francisco to discuss topics including U.S. concerns about Beijing’s trade practices and potential areas for cooperation.
Yellen had previously insisted that the U.S. is seeking healthy economic competition that benefits both countries, but that requires a level playing field for American workers and firms.
Chinese Vice President Han Zheng at an event on Wednesday said recent high-level meetings between U.S. and China indicated that ties were improving. “We’re ready to strengthen communication and dialogue with the U.S. at all levels.”
The meeting comes ahead of U.S. President Joe Biden’s summit with his counterpart Xi Jinping at the Asia-Pacific Economic Cooperation forum next week.
Xi is also expected to meet with U.S. business executives as Beijing seeks to revive foreign investor confidence in China’s slowing economy.
U.S.-China relations have been fraying in recent months amid back-and-forth trade controls and national security concerns. The U.S. is also diversifying its supply chain to reduce dependence on China, which could be a point of contention. But Yellen has insisted that the U.S. doesn’t plan on completely decoupling the two countries’ economies.
