U.S. Treasury Department establishes U.S.-China Economic and Financial Working Group

The U.S. Department of the Treasury established the U.S.-China Economic and Financial Working Group. The two groups will "meet regularly" and report to Yellen, the Treasury Department said in a statement. The Ministry of Finance of China will serve as the counterpart to the economic working group, and the Peoples Bank of China will serve as the counterpart to the financial working group. The above-mentioned units report to Chinese Vice Premier He Lifeng.

Reuters reported today that the groups were established after Yellen visited Beijing in July, where she met with Ho Lifeng and other senior officials to re-establish communication on economic and financial issues after a long period of deterioration in relations between the two countries.

Yellen said on Advancing global cooperation. Yellen also said, “It is critical that we have conversations, especially when we disagree. "

Both the Ministry of Finance and the Central Bank of China issued statements confirming the establishment of an economic and financial working group, but did not disclose further details other than stating that they aimed to strengthen communication and cooperation on these issues.

A senior U.S. Treasury official said Yellen has reiterated to Chinese officials that the United States will use the groups to promote cooperation with China on global challenges where possible, including debt restructuring for troubled developing economies. , climate finance and anti-money laundering efforts.

U.S. Commerce Secretary Gina Raimondo reached an agreement with Chinese officials in August to establish a U.S. export control working group aimed at explaining U.S. policy. Later, the U.S. Treasury Department established these two working groups.

The U.S. Treasury Department and State Department have held annual Strategic and Economic Dialogues with China in the past few years, but the forum was suspended in 2017 after former President Donald Trump took office and Washington adopted a more confrontational approach to China, resulting in long-term The tariff war between the two countries lasted for several years.