Yellen and China’s He to ‘intensify communication’ after pre-APEC meetings.

The Treasury Department announced on Friday that U.S. Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng had agreed to “intensify communication” and work together on various economic, financial stability, and regulatory issues.

According to the Treasury Department, the two countries “had candid, direct, and productive discussions on the U.S.-China bilateral economic relationship and a wide range of issues, including areas of cooperation and disagreement.”

On November 9–10, before the meeting of Asia-Pacific Economic Cooperation (APEC) nation leaders, the two individuals got together in San Francisco.

According to the statement, Yellen plans to visit China next year to continue conversations there. Additionally, both parties highlighted that they are not attempting to decouple their economies.

“During the meetings, Secretary Yellen emphasized the importance that both countries responsibly manage the bilateral economic relationship, including maintaining resilient communication channels,” Treasury officials stated.

It was noted that Yellen acknowledged “significant headwinds and risks to the global economy.” He and Yellen claimed to have discussed their perspectives on recent events in domestic and global macroeconomics and financial markets.

She stressed the need for Russia to stop its conflict with Ukraine and underscored that Chinese businesses “must not provide material support for Russia’s defense industrial sector.”

They also talked about the conflict between Israel and Hamas, and Yellen expressed the need “to prevent escalation and expansion of the conflict in the Middle East,” according to the Treasury Department.

According to the statement released by the Treasury Department, the two officials reached a commitment to strive toward shared solutions, correct concerns when practicable, and prevent misperceptions that may start “unintended escalations.”

It was stated that both parties had committed to working on issues such as climate change and debt difficulties, mainly through a substantial quota increase at the International Monetary Fund and expedited efforts to improve the multilateral development banks.