US Treasury Secretary Janet Yellen met with her Chinese counterpart in Zurich on Wednesday and vowed to make efforts to manage differences and "

Yellen's face-to-face meeting with Vice Premier Liu He marks the highest contact between the two countries since their presidents agreed in their first face-to-face meeting last November to look for areas of potential cooperation..

Liu said he was willing to work together to find common ground between China and the US. "

A US Treasury report from the two-and-a-half-hour meeting said the parties agreed that the US and China would cooperate more on climate finance and work to support " The minutes also indicate that Yellen plans to visit China and invites his colleagues to the US in the near future..

The meeting comes as the U.S. and Chinese economies grapple with distinct but interrelated challenges in trade, technology and a range of other areas..

Yellen, opening the meeting to reporters, told Liu, "

Liu expressed concern about the US economic, trade and technology policy towards China and expressed hope that the US will pay attention to the impact of these policies on both sides..

But he also called for sincere communication and said that both sides should look at the big picture and try to properly manage disputes to maintain stability in the relationship..

Yellen said both countries "

China's economy is recovering after the COVID-19 pandemic killed tens of thousands and shut many businesses. The US is slowly recovering from inflation and is on track to meet its legal debt ceiling, setting the stage for a political showdown between Democrats and Republicans in Congress..

The debt issue is very painful for the United States, since it is China that is the second largest holder of American debt.. And high interest rates have increased the pressure on debt-laden countries that owe China large sums..

In addition, the Russian invasion of Ukraine has hampered global economic growth and prompted the US and its allies to retaliate by negotiating caps on oil prices for Russia, putting China in a difficult position as a friend and economic ally of Russia..

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The stakes for cooperation between countries are high as the threat of economic recession hangs over countries around the world. Wrong policy move could lead to recession.

Recall that last week the World Bank said that this year the global economy will be " Low-income countries are expected to be hit by any economic downturn by the superpowers, report says.