The Chinese side expressed its concern about US export restrictions on a number of its high-tech products to China. China has filed a formal complaint with the World Trade Organization (WTO) against the US Inflation Reduction Act (IRA), claiming its subsidy policies discriminate against foreign automakers.

The meeting took place a few days after the phone call between US President Joe Biden and Chinese President Xi Jinping on Tuesday, in which they agreed to maintain regular contact to handle disagreements. Meanwhile, Janet Yellen is making her second visit to China as US Treasury Secretary to continue efforts to further stabilize ties between the two countries.

“We have agreed that it is important to both of us that we don’t decouple our economies. We want to continue trade and we think we will both benefit from mutual trade and investment,” she said.

Yellen also brought up the US’s concern over China’s excess production capacity.