In a bid to enhance relations between the United States and China, both countries announced the formation of two new working groups focused on economic and financial policy.
These groups, agreed upon during talks in July between US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng in Beijing, aim to provide a platform for regular communication and collaboration between the world's two largest economies.
The US Treasury Department and China's finance ministry will lead the "Economic Working Group," which will address macroeconomic issues. Additionally, the "Financial Working Group" will focus on regulatory and financial stability issues and will involve the US Treasury and the People's Bank of China.
US Treasury Secretary Janet Yellen emphasised the importance of establishing a durable channel of communication between the two nations, stating, "It is vital that we talk, particularly when we disagree." She also noted that the creation of these groups aligns with President Joe Biden's vision for improved communication with China following his meeting with President Xi Jinping.
These initiatives come after a period of strained relations between the US and China, with tensions escalating over various issues, including national security concerns and trade restrictions. The recent efforts aim to promote constructive dialogue and cooperation to address shared challenges and promote stability in the global economy.