US Treasury Secretary Janet Yellen and Chinese Premier Li Qiang struck an optimistic tone regarding bilateral relations as they commenced their Sunday gathering in Beijing.

Yellen told Li that the US-China relationship could only proceed with direct and open communication, after arriving in the Chinese capital from the southern city of Guangzhou.

In welcoming Yellen, Li said, "China sincerely hopes that the two countries will be partners, not adversaries." He further noted that Chinese internet users have closely monitored the details of her journey since her presence in Guangzhou, demonstrating "anticipation and optimism for the enhancement of the China-US relationship."

Yellen had a series of meetings in Guangzhou including hours of discussions with her counterpart, Vice Premier He Lifeng.

China's production capacity

On Saturday, Yellen announced that she and Chinese Vice Premier He Lifeng had agreed to initiate discussions regarding achieving balanced growth in domestic and global economies. She noted that this initiative intends to address American apprehensions regarding China's surplus manufacturing capacity.

Following two days of economic discussions held in Guangzhou, China's prominent export hub, Yellen stated that she and He agreed to establish a forum to collaborate on anti-money laundering initiatives within their respective financial systems.

Yellen commented in a statement released after the talks that these exchanges "will facilitate a discussion around macroeconomic imbalances, including their connection to overcapacity, and I intend to use the opportunity to advocate for a level playing field for American workers and firms."

She described the discussions as productive and candid. Before her four-day visit to China, her primary focus was to persuade Chinese officials to address the issue of excess production capacity, particularly in electric vehicles, solar panels, and other clean energy technologies, which threaten competing firms in the US and other nations.

On Friday, Yellen was hosted by He in the southeastern city of Guangzhou for discussions on economic cooperation.

Yellen said the discussion was frank and substantial. This marked her third in-person meeting with He Lifeng in under a year.

Yellen began her five-day visit to China on Thursday, engaging in meetings. She met with Guangdong Governor Wang Weizhong and American business executives to explore the benefits and challenges of their economic collaboration.