The United States and China have agreed to launch talks on "balanced growth" in their domestic economies as well as globally. The key issue they will address is the US concerns about China's excess manufacturing capacity for electric vehicles (EVs) and other items. Treasury Secretary Janet Yellen mentioned this during her visit to Guangzhou.

Yellen's discussions with Chinese officials are expected to focus heavily on the impact of Chinese industrial overcapacity in sectors such as EVs and solar panels, which is a result of government support. This overcapacity has led to concerns about the potential for flooding markets with exports that make it difficult for American firms to compete.

The talks also aim to expand cooperation against financial crimes, with the start of exchanges aimed at clamping down on money laundering. These agreements were reached following two days of talks between Yellen and Chinese Vice Premier He Lifeng in southern China. Yellen has emphasized the importance of a healthy economic relationship that provides a level playing field.