Secretary Yellen meets with Chinese Premier Li in Beijing: "We have put our bilateral relationship on more stable footing"

Treasury Secretary Janet Yellen and Chinese Premier Li Qiang sounded a hopeful note on bilateral relations at the start of their Sunday meeting in Beijing.

The U.S.-China relationship can only move forward with direct and open communication, Yellen told Li, after arriving in the Chinese capital from the southern city of Guangzhou.

"The meeting was frank and productive and builds on progress made by President Biden and President Xi at the Woodside Summit last November to deepen bilateral discussions," a readout from the Treasury Department said, adding that Yellen discussed a level playing field for both American and Chinese workers and business as well as the impacts of Chinese industrial overcapacity on American workers and firms.