US Secretary of the Treasury Janet Yellen on Sunday said the United States and China have a common obligation to address needs of the global economy, and it is hard to imagine any progress in addressing global challenges unless the two countries cooperate.

Addressing the media ahead of her meeting with finance ministers of G20 countries at Mahatma Mandir here in Gujarat, Yellen said the slowdown in Chinese economy is significant for global economy as China is a very substantial importer for many countries around the globe.

“In addition to honestly and candidly expressing and discussing the concerns that each of us have about our bilateral involvement in relationship, we have a common obligation to address the needs of the global economy and indeed, it is hard to imagine that there could be progress in addressing global challenges unless the US and China cooperate,” Yellen said.

“We discussed specifically in that context debt and climate change,” she added.

Yellen said during her recent visit to China, she discussed the issue with her Chinese counterparts and they communicated that business environment in China is open and friendly and there is a desire to see foreign investment in the country.

In addition to exports, the slowdown in Chinese economy reflects less of a pickup in consumption spending than what was anticipated when the COVID-19 lockdown ended, she said.

“Of course it is significant to global economy as China is a very substantial importer for many countries around the world. So if Chinese growth slows, it has an importance in growth in many countries and you all have seen that,” she said.

“They certainly are anxious at a minimum to communicate that business environment in China is open and friendly, and there is a desire to see foreign investment in China. I met with American businesses who also are eager to be able to invest in China,” Yellen said.