GUANGZHOU, China (NEWSnet/AP) — U.S. and China agreed to hold discussions to address a keycomplaint about China's economic model, Treasury Secretary Janet Yellen said on the second day of an official visit.

The nations plan to create two new economic groups dedicated to growth in domestic and global economy and anti-money-laundering.

Yellen, who started her five-day visit in one of China’s major industrial and export hubs, has focused on what the U.S. considers to be unfair trade practices.

“I think the Chinese realize how concerned we are about the implications of their industrial strategy for the United States, for the potential to flood our markets with exports that make it difficult for American firms to compete,” Yellen told reporters. “It’s not going to be solved in an afternoon or a month, but I think they have heard that this is an important issue to us.”

The announcement comes after two days of extended meetings between Yellen and Vice Premier He Lifeng.

Xinhua News Agency said the two sides had agreed to discuss a range of economic and financial issues including balanced economic growth in both United States and China.

In a statement, Yellen said she and her counterparts agreed U.S. and China "will hold intensive exchanges on balanced growth in the domestic and global economies. These exchanges will facilitate a discussion around macroeconomic imbalances, including their connection to overcapacity, and I intend to use this opportunity to advocate for a level playing field for American workers and firms.”

Yellen was set to travel to Beijing on Saturday afternoon for additional meetings with senior officials, economists and the nation's central bank governor.

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