U.S. and Chinese officials have concluded their third meeting as part of a working group aimed at fostering cooperation on financial matters. This development reflects a continued effort initiated by both nations in November to alleviate tensions between them.
Representatives from the U.S. Treasury Department engaged in discussions with their counterparts from the People’s Bank of China, addressing a spectrum of issues ranging from financial stability to combating money laundering. During their visit to China, the delegation also held talks with Vice Premier He Lifeng, as disclosed in a statement from the Treasury Department issued on Friday.
U.S. and Chinese Authorities Wrap Up Discussion on Financial Matters (Credits: Council On Foreign Relations)
The working group conveyed plans for Treasury Secretary Janet Yellen to undertake another visit to China in the future, following her previous visit in July. Notably, Yellen and Vice Premier He had a significant two-day meeting in San Francisco in November, which was considered a precursor to the subsequent meeting between U.S. President Joe Biden and China’s President Xi Jinping.
During the San Francisco meeting, the two nations agreed to reinitiate collaboration on various issues, including addressing the proliferation of fentanyl and enhancing military-to-military communication. While the recent meeting succeeded in preventing a deterioration of the relationship, it did not manage to resolve the significant differences that persist between the two countries.
Long-standing economic issues have characterized the relationship between China and the U.S., particularly since the initiation of a trade war by former U.S. President Donald Trump. This trade war involved imposing high tariffs on a range of Chinese goods, contributing to the complexities in their economic interactions.
