Yellen of US, China's Liu agree to step up dialogue on economy, finance

US Treasury Secretary Janet Yellen and Chinese Vice Premier Liu He, who is in charge of economic issues, have agreed on the importance of deepening communication on macroeconomic and financial issues.

They held their first in-person talks in Zurich, Switzerland, on Wednesday. The meeting comes after talks between US President Joe Biden and Chinese President Xi Jinping in November.

Yellen told Liu, "While we have areas of disagreement, and we will convey them directly, we should not allow misunderstandings, particularly those stemming from a lack of communication, to unnecessarily worsen our bilateral economic and financial relationship."

The US Treasury Department says they agreed that for the global economy, it is important for both sides to further enhance communication on macroeconomic and financial developments. The department also says Yellen raised issues of concern in a "frank exchange of views," and that she looks forward to visiting China in the near future.

China's Commerce Ministry says the talks were constructive. It also says Liu expressed concern about US trade and technology policies for China, and that China would welcome a visit by Yellen at an appropriate time this year.