According to a statement by the US Treasury Department, Yellen met with Vice Premier for Economic Affairs Hı Lifıng in Guangcou, the capital of Guangdong province in southern China.

After two days of talks, the two countries announced that the US and China will establish two new initiatives, "Dialogue for Balanced Growth in National and Global Economies" and "Anti-Money Laundering Cooperation and Dialogue".

The first initiative, the Economic Working Group between the U.S. Treasury Department and the Chinese Ministry of Finance, will discuss domestic demand, investment policies, aging population, budgetary issues and other related policy issues.

The anti-money laundering dialogue between the US Treasury Department and the People's Bank of China within the framework of the Financial Working Group aims to regularly share up-to-date information and practices against money laundering attempts in the financial systems of both countries and to close the gaps between the regulatory systems of the two countries on illegal finance.

The anti-money laundering dialogue between the U.S. Treasury Department and the People's Bank of China within the framework of the Financial Working Group aims to regularly share up-to-date information and practices against money laundering attempts in the financial systems of both countries and to close the gaps between the regulatory systems of both countries on illegal finance.

Yellen also called for addressing concerns about the scope and depth of Beijing's "non-market" policies and practices and their impact on American workers and companies, pointing to growing overcapacity in some sectors.

"CHINESE COMPANIES SHOULD NOT SUPPORT RUSSIA IN ITS WAR IN UKRAINE"

Yellen and Xi also discussed national security issues. Yellen warned that Chinese companies should not provide support to Russia in the war in Ukraine, including contributions to its defense industrial base, and that they would face serious consequences if they did so.

Emphasizing that the US national security measures in the economic sphere are based on clearly defined national security concerns, Yellen stated that the measures are narrow in scope and transparently implemented.

Yellen underlined that the US does not seek to sever economic ties with China.

CONTACTS IN BEIJING

The US Secretary left for Beijing after completing his bilateral meetings with his Chinese counterpart Hı in Guangcou.

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Yellen, who will hold meetings with Premier Li Chiang, Finance Minister Lan Fo'an, Central Bank Governor Pan Gongshing, Beijing Mayor Yin Yong and former Vice Premier for Economic Affairs Liu Hı, who led trade talks with the US in the past, last visited China in July 2023.