China pushes for 'practical actions' on US sanctions after Yellen holds talks with firms

China has asked the US to take "practical actions" with regard to its "major concerns" about sanctions slapped on several Chinese firms following US Treasury Secretary Janet Yellen's 10-hour meeting with senior officials in Beijing.During her visit to China, Yellen sought to ease tensions between the world's two superpowers. Although there were no major breakthroughs, both sides described the talks to be "productive" while agreeing to keep channels open "at all levels" for talks on the economy.The Treasury Secretary's visit gives way to a possible meeting between US President Joe Biden and Chinese President Xi Jinping later this year at the Asia-Pacific Economic Cooperation Summit in San Francisco in November.Before departing on Sunday, Yellen told reporters that she and her Chinese counterparts had "aired significant disagreements" in their meetings, a sentiment reflected in a readout from China's finance ministry on Monday morning.The ministry further wrote that China "requires" the US to "cease the suppression of Chinese enterprises, lift bans on Xinjiang-related products, and take concrete steps to respond to China's major concerns in economic relations between the two countries."The ministry also said China believed its development was an opportunity rather than a risk to the U.S. and that "strengthening cooperation between China and the United States is a realistic need and the correct choice of the two countries."

"The re-commencement of senior-level Sino-U.S. talks in diversified areas could open up room for more cooperation on bilateral and global issues," said Hong Kong-based Bruce Pang, chief economist at Jones Lang LaSalle.

"I expect more working-level communications ahead, on a range of topics where there is more consensus than disagreements, such as climate change and the tariff reduction list, among others," he added.

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With inputs from Reuters