WASHINGTON: In a bid to ease tensions and strengthen their bilateral relationship, the US Treasury Department and China’s Ministry of Finance have jointly launched two economic working groups. These groups, spearheaded by US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng, will be segmented into economic and financial facets.
Secretary Yellen, in a series of tweets detailing the announcement, emphasized that the primary objective of these working groups is to “establish a durable channel of communication between the world’s two largest economies.” Furthermore, she highlighted their vital role in facilitating open dialogue on American interests and concerns while promoting healthy economic competition and ensuring a level playing field for American workers and businesses.
Today’s announcement of the establishment of Economic and Financial Working Groups between the Treasury Department and counterparts in China is an important step forward in our bilateral relationship and builds on my visit to Beijing in July. https://t.co/Bedf7TChlN
— Secretary Janet Yellen (@SecYellen) September 22, 2023
Visits of US Officials to China
This significant development comes on the heels of several high-level visits by US administration officials to China throughout the year, setting the stage for a potential meeting between President Joe Biden and Chinese President Xi Jinping. The prospective meeting is anticipated to take place in November during an Asia-Pacific economic conference scheduled to be held in San Francisco.
The establishment of these economic and financial working groups signals a commitment from both nations to foster cooperation and address pressing economic issues, ultimately contributing to the stabilization of their complex relationship and promoting global economic stability.
