US, Chinese finance ministers lay groundwork for Biden-Xi meeting

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Treasury Secretary Janet Yellen and her Chinese counterpart are meeting in San Francisco to open two days of talks aimed at making progress on a slew of economic issues at a time when competition has markedly intensified between the two countries

FILE - President Joe Biden, right, stands with Chinese President Xi Jinping before a meeting on the sidelines of the G20 summit meeting, Nov. 14, 2022, in Bali, Indonesia. Ahead of an expected meeting between Biden and Xi Jinping this month, Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng convene in San Francisco to try and make progress on a slew of economic issues.

Analysts say expectations should be kept low, given the competitive nature of the countries' relationship. And tensions between the countries heightened earlier this year when a Chinese surveillance balloon was spotted traveling over sensitive U.S. airspace. The U.S. military shot down the balloon off the Carolina coast after it traversed sensitive military sites across North America. China insisted the flyover was an accident involving a civilian aircraft and threatened repercussions.

 

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