US, China talk global economic recovery

ANKARA

US Treasury Secretary Janet Yellen held a virtual meeting with Chinese Vice Premier Liu He to discuss global economic recovery, the Department of Treasury said Tuesday in a statement.

"Secretary Yellen discussed the (Joe) Biden-(Kamala) Harris Administration’s plans to support a continued strong economic recovery and the importance of cooperating on areas that are in U.S. interests, while at the same time frankly tackling issues of concern," it said.

The virtual meeting came after Liu spoke with US Trade Representative Katherine Tai last week, the first time since President Biden took office.

The world’s two largest economies, however, still have a trade dispute that started during former President Donald Trump's tenure. Intellectual property rights, technology transfer and 5G technology have been unresolved issues between the two countries.

Amid the pandemic, the American economy contracted 3.5% in 2020, its worst drop since 1946. The Chinese economy expanded 2.3% last year to become the only major economy to register growth despite lockdowns.

After some $5 trillion were printed within a year to support the economy, the US dollar has been weakening against major currencies. Chinese yuan, on the other hand, is at its highest level against the dollar in approximately three years, which makes it more expensive for the US to import goods from China.