U.S. and China to Hold High-Level Economic Talks Addressing American Trade Concerns

• U.S. and China agree to hold talks addressing American concerns about China's economic model and industrial strategy • Two new bilateral economic policy groups to be created focused on balanced growth, anti-money laundering • Yellen pushes China to address U.S. worries about Chinese overcapacity flooding markets and hurting American firms • China agrees to discuss issues like balanced growth, financial stability, sustainable finance and anti-money laundering • Yellen says talks critical for bilateral relations and avoiding conflict; will advocate for level playing field for U.S. workers/firms