Treasury Secretary Yellen and China's Liu He talk U.S. tech policy at their first in-person meeting

BEIJING — Chinese Vice Premier Liu He discussed U.S. economical and tech argumentation toward China successful a gathering with U.S. Treasury Secretary Janet Yellen connected Wednesday, according to a Ministry of Commerce readout.

China "hopes the U.S. broadside pays attraction to the policies' interaction connected some sides," the readout said, according to a CNBC translation.

The gathering successful Zurich was the archetypal clip Yellen and Liu met successful person, aft 3 years of Covid-related restrictions connected travel.

In October, the U.S. Department of Commerce's Bureau of Industry and Security announced sweeping bans connected U.S. businesses and persons from moving with Chinese partners connected high-end semiconductors — a specialized manufacture that's relied connected American and overseas tools for development. The prohibition followed the Trump administration's restrictions connected circumstantial Chinese companies specified arsenic SMIC and Huawei.

The Biden medication besides hasn't removed Trump-era tariffs connected China.

While Beijing retaliated with tariffs of its own, its astir substantive effect to U.S. tech bans has been filing a quality with the World Trade Organization successful December.

A readout from the U.S. Treasury Department did not notation technology. "During the candid, substantive, and constructive conversation, they exchanged views connected macroeconomic and fiscal developments," the Treasury said.

The readout said Yellen "looks guardant to traveling to China and to welcoming her counterparts to the United States successful the adjacent future."

The Chinese connection said it welcomed Yellen to sojourn China "at an due time" this year.

Liu has led China's commercialized negotiations with the U.S. Within China, helium is simply a vice premier and caput of the fiscal stableness and improvement committee.

"To tame inflation, immoderate countries person chosen the argumentation that volition apt effect successful the hike-recession-recovery loop," Liu said successful a speech this week astatine the World Economic Forum successful Davos, Switzerland.

"We telephone for much attraction to the antagonistic spillover effect of large countries' complaint hikes connected the emerging markets and processing countries truthful arsenic not to adhd to much indebtedness oregon fiscal risks," helium said.

For China, Liu said that "high-quality economical improvement indispensable ever beryllium our goal," measures to enactment existent property person shown effect and that the state would enactment much absorption connected attracting overseas investment.

Foreign nonstop concern into China roseate by 8% past twelvemonth successful U.S. dollar terms, China's Ministry of Commerce said. A merchandise noted crisp increases successful concern from South Korea, Germany, the U.K. and the EU overall, but did not notation the U.S.

Liu turns 70 years aged this period and is retiring from Chinese leadership, per changes announced astatine the ruling Communist Party of China's legislature successful October.

Analysts expect He Lifeng, caput of the National Development and Reform Commission, to instrumentality Liu's relation successful starring fiscal and economical work.