On the afternoon of April 8th, Vice Minister of the Treasury Liao Min briefed the media on the visit of US Treasury Secretary Yellen to China and answered questions. The transcript of the briefing is as follows: 1. Introduction: Good afternoon, everyone. Welcome everyone to today's briefing. During this period, the Chinese side held multi-level and multi-disciplinary talks and exchanges with Finance Minister Yellen. Below, I will introduce the relevant situation to everyone. On April 7th, Li Qiang, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee and Premier of the State Council, met with Finance Minister Yellen in Beijing to exchange in-depth views on topics such as China US relations, China US economic relations, and addressing global challenges. From April 5th to 6th, the leaders of China and the United States in economic and trade, as well as members of the Political Bureau of the Communist Party of China Central Committee and Vice Premier of the State Council, He Lifeng, and Finance Minister Yellen, held multiple rounds of talks in Guangzhou. They had in-depth, candid, pragmatic, and constructive communication on the macroeconomic situation, response to global challenges, and economic concerns of both countries and the world. From April 7th to 8th, Chinese Minister of Finance Lan Fo'an and Governor of the People's Bank of China Pan Gongsheng held talks with Finance Minister Yellen in Beijing to exchange views on the macroeconomic situation and financial affairs of the two countries. During his time in China, Yellen also met with some Chinese politicians and scholars. Here, I would like to focus on the meeting between Vice Premier He Lifeng and Finance Minister Yellen, the leaders of both sides. Both sides unanimously agree to jointly implement the important consensus of the two heads of state, continuously strengthen communication and cooperation in the economic and financial fields, strive to create a favorable environment for two-way trade and investment activities of enterprises in the two countries, and promote the healthy and stable development of China US economic relations. Regarding the macroeconomic situation. The Chinese side focused on introducing China's economic situation and policies to the US side. The Chinese side pointed out that the Chinese economy maintains healthy and sustainable growth. Last year, the overall Chinese economy continued to maintain a positive momentum of recovery, with the main expected goals successfully achieved. The economic growth rate ranked among the top among major economies in the world and remains the largest engine of global economic growth. These achievements were achieved on the basis of preventing and resolving risks and hidden dangers, and promoting economic transformation and upgrading. This year, the Chinese economy continues to maintain a positive momentum of recovery and is confident in achieving the annual growth target. The Chinese side emphasizes that reform and opening up is China's national policy, and China's reform will not stop and opening up will not stop. We are planning and implementing a series of major measures to comprehensively deepen reform, vigorously solving the bottlenecks that hinder the construction of a new development pattern, adhering to deepening supply side structural reform and focusing on expanding effective demand coordination, accelerating the construction of a unified domestic market, and continuously building a market-oriented, rule of law, and internationalized first-class business environment, which will provide broader development space for enterprises from various countries, including the United States. The US side discussed the macroeconomic situation of the US during the talks, including the labor market, inflation, financial system, and fiscal and monetary policies