U.S. Treasury Secretary Janet Yellen told China's Premier Li Qiang on Friday in the Chinese capital that Washington seeks "healthy competition" with Beijing, not a "winner-take-all" approach, according to U.S. media reports.
Yellen, on her first trip to the Asian powerhouse as Treasury chief, also reportedly said the United States will, in certain circumstances, need to "pursue targeted actions to protect its national security."
Yellen's four-day China visit through Sunday is intended to help improve ties that have become strained amid an intensifying rivalry between the world's two largest economies.
Li said it is a "right choice" and "necessary" to boost bilateral cooperation, according to China Central Television.
The Chinese premier used a metaphorical expression, suggesting that just as people should look up instead of down at their feet after a rainy day to possibly see rainbows. "The same may be true of Sino-U.S. relations," he said.
While raising concerns, Yellen stressed the importance of the two countries closely communicating on global macroeconomic and financial issues and working together on global challenges, including debt distress in low-income and emerging economies and climate finance, the Treasury Department said.
Earlier in the day, she met with representatives of over 10 American businesses operating in China and recognized the importance of trade and investment with China, given the deep integration between the two economies, the Treasury Department said.
She raised concerns such as barriers to market access and punitive actions that have been taken in China against U.S. firms in recent months.
Upon her arrival in Beijing on Thursday, Yellen tweeted that her China visit "presents an opportunity to communicate and avoid miscommunication or misunderstanding."
Her sojourn in China follows a trip to Beijing last month by U.S. Secretary of State Antony Blinken, during which the two countries agreed to stabilize their complex relationship.
China's Finance Ministry said Friday that Yellen's visit is aimed at implementing a consensus reached between the two countries' leaders last November in Indonesia to "strengthen communication and exchanges in the financial field."
The ministry said there will be no winners from trade wars or moves to decouple from each other.
"We hope the United States will take practical actions to create a favorable environment for the healthy development of bilateral economic and trade relations and the realization of mutual benefit and win-win results," it added.
During her stay, Yellen is likely to hold talks with Chinese Vice Premier He Lifeng, who is in charge of economic and financial affairs.
