Yellen, He agree to step up communication ahead of US-China summit

US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng have agreed to "intensify communication" ahead of a bilateral summit scheduled for next week.

Yellen hosted He in San Francisco for two days of talks on Thursday and Friday.

After the meeting, Yellen told reporters that she had productive talks with He. She added they discussed the goal of achieving a healthy economic relationship that benefits both countries over time.

Yellen, who visited China in July, also announced she will return next year at Beijing's invitation. She said she agreed with He that they will step up communication, including a "regular cadence of contact" between the two.

Their talks came ahead of a meeting between US President Joe Biden and Chinese President Xi Jinping scheduled for next Wednesday on the sidelines of the Asia-Pacific Economic Cooperation summit in San Francisco. The meeting would be their first in a year.

Yellen also said she raised concerns during her meeting with He about Beijing's export controls on graphite and other critical minerals. She said she stressed that companies must not provide material support for Russia's defense industry.