U.S. Treasury Secretary Janet Yellen told Chinese Premier Li Qiang on Sunday that the world's two biggest economies should engage in conversations to cooperate on addressing pressing global issues, the U.S. Treasury Department said.
The United States and China have a "duty" to responsibly manage the two countries' complex relationship and show leadership in tackling global challenges, Yellen said at the beginning of a meeting with Li in Beijing.
In response to Yellen's comments, Li said that Beijing and Washington need to respect each other and should be partners, according to Reuters.
Yellen said that the bilateral relationship has been put on more stable footing over the past year but the two world powers have more to work on, according to the U.S. department.
The treasury secretary also said during the meeting that Washington is concerned about the impact of China's electric vehicle production overcapacity on the U.S. economy.
Among major issues, the United States has kept its controls on China-bound exports of semiconductors and other key items in place, while China has been restricting exports of some materials important for manufacturing chips.
As part of her trip to China, Yellen held talks with Chinese Vice Premier He Lifeng in Guangzhou for two days through Saturday. The two agreed to launch talks on achieving "balanced growth" for their domestic economies and globally.
