Beijing mayor meets with Yellen

The U.S. Treasury Secretary Janet Yellen met with the mayor of Beijing on Sunday during her ongoing visit to China with both sides exchanging views and vowing to promote mutually beneficial cooperation.

Yellen's trip, her second since July 2023, has drawn wide attention on how the two major economies can develop healthy and stable bilateral relations. In addition to meeting high government officials of China’s central government, Yellen has also met with local government officials including the mayor of Beijing, reflecting her expectation of developing more comprehensive relationship with China at all levels.

Beijing mayor Yin Yong told Yellen that the capital city is willing to further deepen cooperation with the U.S. side in various sectors.

For a long time, Beijing has maintained close economic and trade exchanges with the U.S., and has maintained communication and exchanges with Washington DC, New York City, and cities in California, Yin said.

Yin said Beijing will implement the important consensus reached by the leaders of the two countries, further deepen exchanges and cooperation with the U.S. in trade, urban governance, environmental protection, culture and tourism, and promote new progress in mutually beneficial cooperation.

"We will continue to create a first-class business environment that is market-oriented, law-based, and internationalized, and provide good services for enterprises from various countries, including U.S. companies, to develop in Beijing," Yin said.

Yellen said that the U.S. side attaches importance to keeping contact with Chinese local governments. The U.S. is willing to strengthen exchanges and cooperation with Beijing city to promote the establishment of a healthier economic relationship between the two countries, benefiting both nations, she said.

Yellen's first destination in China was Guangzhou, South China's Guangdong Province. Experts said that the decision to select Guangzhou, which is known for its economic development and openness, as the first stop of her trip indicates the "pragmatic" nature of the visit that focuses on commercial issues and businesses.

During Yellen's trip to Beijing, she visited the National School of Development at the prestigious Peking University, where she held discussions with the faculty and students, according to media reports.

Beijing has become an increasingly favorable destination for foreign investors including those from the U.S. as the business environment continues to improve. In 2023, Beijing city saw the establishment of 1,729 new foreign-funded enterprises, growing 22.8 percent over a year earlier. Among them, American companies accounted for a significant share.