Washington, Beijing to launch exchanges amid growing concerns over China's overproduction capacity

US-China economic talks: US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng have agreed to initiate exchanges focusing on balanced growth in domestic and global economies, as well as cooperation on anti-money laundering efforts in ir respective financial systems. Yellen stressed that se discussions will involve dressing macroeconomic imbalances, particularly concerning China's excess manufacturing capacity, and vocating for fair competition for American workers and firms.

Yellen described talks as productive and direct, aiming to persue Chinese officials to dress overproduction capacity in sectors such as electric vehicles and solar panels, which pose challenges to competitors globally. However, Chinese state media countered Yellen's arguments, dismissing m as a pretext for protectionist US policies and urging Washington to focus on fostering innovation and competitiveness domestically inste.

Yellen and her team engaged in extensive discussions with Chinese counterparts, with issue of China's expanding exports being a top concern for US Treasury Secretary. She is expected to dress reporters later to elaborate on discussions.

Yellen's visit includes meetings with various Chinese officials, including Premier Li Qiang, Finance Minister Lan Foan, and People's Bank of China Governor Pan Gongsheng, extending until Monday in Beijing following her engagements in Guangzhou.

(With Reuters inputs.)