US Treasury Secretary Janet Yellen addresses an Atlantic Council Front Page event on April 13, 2022 in Washington, DC. Photo: AFP

While meeting with US Treasury Secretary Janet Yellen in Washington on Monday, Chinese Ambassador Xie Feng said that it is hoped that the two countries could meet each other halfway, fully implement the important consensus reached by the two heads of state and better manage their differences.

The remarks came ahead of Yellen's upcoming visit to China from July 6 to 9, the second trip by a Biden cabinet official to China this year. Her trip is widely expected to ease tensions between the two countries.

An expert said that Xie's remarks sent a very clear and positive message that China is ready for talks and cooperation despite the bilateral relations hitting the lowest point in decades.

During the face-to-face meeting on Monday, Ambassador Xie noted that a healthy and stable China-US relationship is in the common interests of the two countries and is also the common expectation of the international community, according to a statement from the Chinese Embassy in the US.

China has always viewed and handled the bilateral relations in accordance with the principles of mutual respect, peaceful coexistence, and win-win cooperation, Xie said.

The Chinese ambassador highlighted the expectation that both sides should strengthen dialogue and carry out cooperation with sincerity, and help China-US relations to stabilize and return to the right track.

During the meeting, Xie also explained China's major concerns regarding some thorny economic and trade issues between the two nations, and urged the US side to attach importance to addressing them.

Tensions between China and the US have escalated in recent years, leading to a deterioration of bilateral relations. The disputes encompass trade, tariffs, and technological competition, with the Biden administration playing tough and relentlessly seeking "decoupling" from China.

Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Tuesday that Xie's remarks send a positive signal, indicating that despite the confrontational policies from the US government toward China in recent years, "China has maintained a very open attitude and we hope that both countries can establish a cooperative relationship based on mutual trust."

"The cooperative relationship is crucial not only for the economic development of both China and the US, but also for the reestablishment of a stable global order," Zhou said.

The expert expressed optimism about Yellen's upcoming visit, which he said is necessary for both sides to engage in candid discussions on addressing debt issues, the monetary policies, and market concerns.

Yellen has previously expressed opposition to "decoupling" from China and advocated for establishing "necessary" and "constructive" economic relations with China. She has also expressed her desire to visit China on multiple occasions. 

"As Yellen possesses a wealth of economic knowledge, she should understand that a functioning economy relies on normal and healthy market cooperation between the major trading partners. This is crucial and vital for the economic recovery not only for China and the US but the world as a whole," Zhou said.