China and the US talk a lot about the economy

China and the US will talk a lot about the economy. US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng agreed after two days of talks in Guangzhou, southern China.

The ministers pledged to launch a formal series of talks on the so-called 'Balanced Growth of Domestic and Global Economies'. In practice, the initiative was aimed at addressing US concerns about China's overproduction.

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“I plan to use this opportunity to advocate for a level playing field for American workers and businesses,” Yellen said later in a statement. He also pointed out that if China becomes more efficient in the industry, it will be good for both countries and the global economy as a whole.

High efficiency

For example, the United States is known to be irritated by the many electric cars and solar panels that China exports to the West. This will threaten the country's competitors in the US and Europe.

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Chinese state media seem less concerned with 'talking about Chinese overcapacity'. According to state news agency Xinhua, the US words were “a pretext to introduce more security policies to protect US companies”.

“The world now knows that under the guise of national security, Washington will not hesitate to show its defense teeth in areas that challenge its hegemony,” it said.

Fight against money laundering and illegal financing

Since arriving in Guangzhou on Thursday, Yellen has criticized economic policies in China. He called on the Beijing government to deal better with American and other foreign companies operating in China. Yellen described this week's conversations as productive and honest.

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The two superpowers further agreed to cooperate against money laundering and illicit financing. “This new initiative allows the United States and China to share best practices and provide updates on the steps we are taking to close the holes in our respective financial systems,” said Yellen, who will travel to China later this week. The capital is Beijing.