China Urges US to Take “Practical Action” on Economic Sanctions

Tensions Ease but Differences Remain

China called on the United States to take “practical action” in response to its “serious concerns” about economic sanctions imposed on Chinese companies after US Treasury Secretary Janet Yellen ended more than 10 hours of meetings with senior officials in Beijing.

Yellen visited China to ease tensions between the two superpowers. Despite the lack of a breakthrough, both sides described the talks as “productive” and agreed to keep channels “at all levels” open for economic talks.

Possible Meeting between Biden and Jinping

The visit raises chances of a meeting between US President Joe Biden and Chinese President Xi Jinping later this year, possibly during the Asia-Pacific Economic Cooperation summit in San Francisco in November.

“Great Differences” Expressed in Meetings

Yelin told reporters before leaving China on Sunday that she and her Chinese counterparts “expressed great differences” in their meetings, China’s finance ministry said at a briefing on Monday.

The ministry said China “demands” the United States to “stop suppressing Chinese companies, lift the ban on Xinjiang-related products, and take concrete steps in response to China’s grave concerns about economic relations between the two countries.”

Sanctions Imposed on Companies Using Forced Labor

The United States has imposed sanctions on some companies for using forced labor in the far western region of Xinjiang.

Beijing denies any forced labor or other abuses there.

China views its development as an opportunity, not a risk, for the United States, the ministry said, adding that “strengthening cooperation between China and the United States is a real need and the right choice for the two countries.”

“The resumption of high-level Sino-U.S. talks in various areas could open up opportunities for increased cooperation on bilateral and global issues,” said Bruce Pang, chief economist at Jones Lang LaSalle.