US, Chinese finance ministers opening talks to lay the groundwork for Biden-Xi meeting | Fatima Hussein

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WASHINGTON—Treasury Secretary Janet Yellen and her Chinese counterpart will meet in San Francisco on Thursday for 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.

Yellen’s talks with Vice Premier He Lifeng are designed to help lay the groundwork for an expected meeting between President Joe Biden and Chinese President Xi Jinping next week on the sidelines of the Asia-Pacific Economic Cooperation summit in San Francisco, which would be their first engagement in nearly a year.

Analysts say expectations should be kept low, given the competitive nature of the countries’ relationship. Earlier this year, US lawmakers held hearings over data security and harmful content with TikTok CEO Shou Zi Chew, contemplating whether to ban the hugely popular app due to its Chinese connections.

Xi similarly met with Blinken in June when the secretary of state traveled to Beijing for talks with Wang.

 

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