The China-US Financial Working Group gathered for its seventh session in Nanjing, the vibrant capital of Jiangsu Province, from December 15 to 16. This pivotal meeting, announced by the People’s Bank of China (PBOC), saw high-level collaboration aimed at bolstering financial cooperation between the two economic powerhouses.
Co-chaired by Xuan Changneng, deputy governor of the PBOC, and Brent Neiman, assistant secretary for international finance at the US Department of the Treasury, the meeting brought together key financial regulators. Representatives from China's National Financial Regulatory Administration and the China Securities Regulatory Commission joined forces with their counterparts from the Federal Reserve and the Securities and Exchange Commission in the United States.
The discussions were both professional and pragmatic, covering a wide array of critical topics. Delegates delved into macroeconomic and financial developments, monetary policies, and financial stability. They also addressed financial regulation and supervision, the role of international financial institutions, and the dynamics of capital markets. Additionally, the group focused on essential areas such as anti-money laundering and countering the financing of terrorism, ensuring a comprehensive approach to global financial security.
Beyond immediate financial concerns, the participants reviewed previous technical exercises, including balance of payments compilation and climate modeling. These discussions highlight the increasing recognition of the intersection between finance and environmental sustainability.
A significant outcome of the meeting was the update of a memorandum of understanding between China's National Financial Regulatory Administration and the US Federal Insurance Office. This updated agreement aims to enhance communication and cooperation within the insurance sector, paving the way for more robust and transparent financial interactions.
As the global financial landscape continues to evolve, the ongoing dialogue between China and the US remains crucial. Meetings like this seventh session play a vital role in fostering mutual understanding and collaboration, ensuring stability and growth in both nations' financial systems.
Reference(s):
cgtn.com
