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China and the US launch economic and financial working groups

China and the US launch economic and financial working groups

China and the US have decided to establish ‘economic’ and ‘financial’ working groups in line with the “key consensus” reached in Bali by Presidents Xi Jinping and Joe Biden in November 2022, and defined by Vice Premier Helifeng and Janet. Yellen, US Treasury Secretary.

The economic task force, according to state network CCTV, is led by officials at the level of vice ministers from two treasury departments, the Chinese central bank and the ‘finance’ one by US Treasury officials. The two groups will “strengthen communication and exchanges on issues related to the economic and financial sectors”.

The creation of the groups was agreed to during talks in Beijing in July between Yellen and He, who chairs the economic portfolio of Sino-US relations. The Economic Working Group and the Financial Working Group will hold “regular and irregular meetings to strengthen communication and exchange on related issues,” CCTV said.

“My visit to China is aimed at establishing a lasting channel of communication between the world’s two largest economies, following the direction of President Joe Biden following his meeting with President Xi Jinping in Bali,” Yellen X (formerly of Twitter) noted in a post on Twitter. Notifications. “It’s very important that we speak up, especially when we disagree,” he added.

While the Economic Working Group will discuss macroeconomic issues, the Fund will focus on regulatory and financial stability issues.

The United States and China saw relations reach an all-time low in February when US forces shot down a balloon that Washington said was being used by Beijing to spy on US territory. Since the incident, the two sides have resumed high-level contacts, with US Secretary of State Anthony Blinken visiting Beijing in June, followed by several US officials, including Yellen and Commerce Secretary Gina Raimondo.

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However, the Biden administration continues to impose restrictions on trade with China in areas it deems critical to national security, including advanced semiconductors. In August, Biden signed an executive order restricting some US investment in China in sensitive high-tech areas – which Beijing criticized as “anti-globalisation”.