Secretary of the Treasury Janet L. Yellen engaged in a virtual meeting with Vice Premier He Lifeng of the People’s Republic of China, focusing on managing the bilateral economic relationship between the two nations.

During their discussion, Secretary Yellen and Vice Premier He addressed macroeconomic developments in both countries. They also reviewed progress within the Economic and Financial Working Groups that were established last year.

In the meeting, Secretary Yellen raised concerns about China's non-market policies and practices, as well as industrial overcapacity. She emphasized that these issues negatively impact U.S. workers and firms and could continue to strain the U.S.-China economic relationship if not addressed. Additionally, she highlighted potential consequences for companies providing material support for Russia's conflict with Ukraine.

Secretary Yellen also expressed significant concern regarding malicious cyber activities by state-sponsored actors from China and their effects on bilateral relations.

The conversation was described as candid, in-depth, and constructive. Both parties acknowledged the importance of maintaining communication and contact.