China and the US pledged to sustain elevated exchanges and communications in economic affairs, following a consensus established during a leaders' summit held in Bali. These remarks were made on Monday in response to the four-day visit of US treasury secretary, Janet Yellen, to China, which ended on Sunday.

The ministry used this opportunity to explain China's position on bilateral economic matters and global challenges. It emphasised the reciprocal benefits of the China-US economic partnership, expressed concerns over US economic sanctions and China's repression, and voiced China's stance on healthy economic competition. China also expressed its eagerness to collaborate with the US in tackling global challenges, as per Chinese media reports.

The ministry underlined the necessity of respecting the valid development rights and interests of all parties to foster a sound China-US economic relationship. It urged for healthy competition in line with market economy principles and World Trade Organization rules. The ministry also suggested that both nations should strive for consensus on significant bilateral economic issues through open discussions, aiming to infuse stability and positivity into the bilateral economic relationship.

In a notable comment, the US clarified that it doesn't intend to 'decouple' from China, stating that separation of the world's two largest economies could have catastrophic consequences for both countries and potentially lead to global instability. Furthermore, the US affirmed its intention not to pressure other nations into picking sides or fragmenting the world economy.

China expressed hope that the US will take tangible steps to address the significant concerns related to the bilateral economic relationship, the media reports added.

As the world grapples with escalating challenges concerning macroeconomic and financial stability, climate change, and debt issues, China called upon developed nations, including the US, to shoulder their responsibilities, appreciate the worries of developing countries, and actively promote global development.

Fibre2Fashion News Desk (DP)