WASHINGTON – Secretary of the Treasury Janet L. Yellen will host People’s Republic of China (PRC)Vice Premier He Lifeng for two days of bilateral meetings on November 9 and 10 in San Francisco, California. These meetings come at a time of more intensive diplomacy between the United States and the PRC designed to further stabilize the bilateral economic relationship and make progress on key economic issues. Secretary Yellen’s meetings with Vice Premier He will be held immediately before Secretary Yellen hosts the APEC Finance Ministers Meeting in San Francisco. Last week, Secretary Yellen outlined the Biden Administration’s economic approach towards the Indo-Pacific, including our efforts to deepen trade and investment ties across the region, develop more resilient supply chains, and address global challenges.
The meetings with Vice Premier He follow on the significant strides Secretary Yellen has made in deepening resilient channels of economic communication between our two countries, after President Biden’s directive to his Administration following his meeting with President Xi last November. That includes Secretary Yellen’s visit to Beijing in July and the subsequent launch of bilateral Economic and Financial Working Groups, which report directly to Secretary Yellen and Vice Premier He, in September. Throughout, Secretary Yellen has used deeper communication with Chinese counterparts to better inform U.S. decision making and understanding of the global economy and drive towards outcomes that benefit the American and global economy.
Secretary Yellen’s approach to these meetings will center on the three pillars of the Biden Administration’s approach to our bilateral economic relationship with China that she laid out in her remarks in April. As Secretary Yellen outlined, we seek a healthy economic competition that benefits both sides, but that healthy competition requires a level playing field for American workers and firms. We will take targeted action to advance our national security and that of our allies, and protect human rights, but we do not use these tools to seek economic advantage. Lastly, we seek to cooperate on global challenges like climate change and look for ways that we can work together as the world’s two largest economies to put the global economy on surer footing.
At the conclusion of the meetings, Secretary Yellen will host a press conference in San Francisco on November 10. Media interested in covering the press conference and meetings should contact [email protected].
Additional details of Secretary Yellen’s bilateral engagements will be announced at a later date.