The fifth meeting of the China-U.S. Financial Working Group took place in Shanghai this past Thursday and Friday, marking a significant step in bilateral financial cooperation. Co-chaired by Xuan Changneng, deputy governor of the People's Bank of China (PBOC), and Brent Neiman, deputy under secretary for international finance at the U.S. Department of the Treasury, the gathering brought together key representatives from both nations.
Participants included members from China's National Financial Regulatory Administration, China Securities Regulatory Commission, the U.S. Federal Reserve, and the U.S. Securities and Exchange Commission. According to a statement released by the PBOC, the discussions were professional, pragmatic, candid, and constructive, focusing on a range of financial policy topics of mutual interest.
The agenda covered broad strategies for deepening comprehensive reforms, as outlined at the third plenary session of the 20th Central Committee of the Communist Party of China. Key topics included the current economic and financial landscape, monetary policies, financial stability and regulation, securities and capital markets, cross-border payments and data, international financial governance, financial technology, sustainable finance, as well as anti-money laundering and counter-terrorism financing.
A group of technical experts presented reports on critical issues such as disposal mechanisms for global systemically important banks, the operational resilience of financial institutions, climate risk stress testing, and the supervision of cross-border financial services. These presentations aimed to address the evolving challenges in the global financial system and explore potential areas for collaboration.
An important highlight of the meeting was the first round table discussion under the China-U.S. Financial Working Group framework, which focused on sustainable finance. Participants shared their experiences and best practices, exchanging views on potential cooperation opportunities to promote sustainable economic growth.
In a move to bolster financial stability, the PBOC and the U.S. Department of the Treasury signed an exchange of letters to enhance cooperation. They also exchanged lists of financial stability contacts to ensure timely and unobstructed communication between their financial regulatory authorities during periods of financial stress and operational risks faced by financial institutions, thereby reducing uncertainty.
The central bank concluded the meeting by affirming the two sides' commitment to maintaining open lines of communication, underscoring the importance of continued collaboration in navigating the complexities of the global financial landscape.
Reference(s):
China, U.S. hold 5th meeting of economic and financial working groups
cgtn.com
