Update: China, U.S. Agree to Launch Initiatives on Money Laundering, Economic Growth During Yellen Visit

China and the U.S. have agreed to launch initiatives to fight money laundering and foster “balanced” economic growth, as U.S. Treasury Secretary Janet Yellen visits the country for the second time in nine months, aiming to strengthen cooperation while addressing American concerns about Chinese industrial overcapacity.

The initiatives were announced after Yellen held two days of what she described as “extensive and productive” meetings with Chinese Vice Premier He Lifeng in manufacturing and export hub Guangzhou, part of her six-day trip that also includes talks in Beijing with Premier Li Qiang, former economic czar Liu He and other influential figures.