U.S. Treasury Secretary Yellen & China’s Vice Premier Talk About Cooperation And Economic Recovery

• China’s Vice Premier Liu He and U.S. Treasury Secretary Janet Yellen spoke Wednesday for the first time since President Joe Biden took office.
• Both the U.S. and China said the two leaders talked about the economy and cooperation, and “frankly” discussed issues of concern. Yellen discussed the Biden administration’s plans to “support a continued strong economic recovery and the importance of cooperating on areas that are in U.S. interests,” the Treasury said in a statement. 
• Liu and Yellen agreed the two countries’ economic relationship is “very important,” Chinese state media said, according to a CNBC translation. The report said the leaders held a wide-ranging discussion on the macroeconomic situation and multilateral cooperation. 
• Many economists in China are also concerned about spillover effects from massive U.S. government spending meant to support growth. Investors have been betting on a recovery, sending commodity prices surging. The rising prices have hit Chinese businesses, prompting the central Chinese government to announce additional support and clamp down on market speculation. 
• Chinese state media characterized the two leaders’ discussion Wednesday as one bearing an attitude of “mutual respect,” a phrase Beijing often uses when calling for more favorable communication with the U.S.

(Source: CNBC News)