US Treasury Secretary Janet Yellen is visiting China from July 6-9. She is scheduled to meet with senior Chinese officials and discuss with them several economic issues amid rising tensions over trade restrictions.

“Under the agreement between China and the United States, US Treasury Secretary Janet Yellen is visiting China from July 6-9. This is a specific measure to implement an important consensus reached at a meeting between the Chinese and US leaders in Bali (on the sidelines of the 2022 G20 Summit) and to strengthen financial cooperation and exchanges between the two countries,” the Chinese Commerce Ministry said in a statement.

The Chinese-US trade and economic relations should be aimed at mutual benefit and win-win results, the ministry said, adding that there would be no winners in trade wars or severing ties.

“We hope that the US will take specific actions to create favorable conditions for the healthy development of trade and economic relations between the two countries and to achieve mutually beneficial results,” the statement read, Sputnik reported.

Yellen’s visit to China is taking place amid increased economic and financial contradictions between the two countries. The main irritants are the growing restrictions on exports of US goods and services, the persistence of import duties on Chinese goods, Washington’s threats against Beijing over the latter’s cooperation with Moscow, the growth of world trade in yuan and the decreased influence of the US dollar across the globe.