Business & Economy

New China-US Economic Working Group holds first meeting

Shanghai, China, Oct 24 (EFE).- The new China-US Economic Working Group held its first meeting Tuesday by videoconference, the Ministry of Finance of the Asian giant announced.

“The two sides had in-depth, candid and constructive communication on issues such as the macroeconomic situation and policies of the two countries and the world, bilateral economic relations, and cooperation in responding to global challenges,” said the finance ministry in a brief statement.

It added that China “expressed its concerns” during the meeting, and that both sides will maintain communication.

The virtual conference was chaired by Chinese and US officials at the vice ministerial level from both the Chinese ministry and the US Treasury.

Both the Economic Working Group and a Financial Working Group – involving the central bank instead of the finance ministry – were announced on Sep. 22 as “structured channels for frank and substantive discussions on economic and financial policy matters, as well as an exchange of information on macroeconomic and financial developments.”

The groups, which are expected to hold regular meetings, are under the joint leadership of US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng.

According to the US Treasury, the creation of the groups came in response to a directive of US President Joe Biden to deepen communication with Beijing after his meeting with his Chinese counterpart, Xi Jinping, at the G20 summit in Bali at the end of last year. EFE


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