In a significant step towards easing geopolitical tensions, China and the United States have launched their first-ever economic and financial working groups. This initiative aims to establish robust communication channels and promote healthy economic competition between the two major global players.
Since February, misperceptions and strained relations had led to a virtual halt in functional communication between China and the US, particularly after the mishandling of a Chinese unmanned civilian airship incident. However, recent high-profile visits by US administration officials to China have signaled a willingness to rebuild diplomatic ties.
In July, Chinese Vice Premier He Lifeng and US Secretary of Treasury Janet Yellen agreed to form two working groups dedicated to economic and financial matters. These groups are set to hold regular and ad hoc meetings to enhance dialogue and collaboration on key issues.
The inaugural meetings took place on October 24 and 25 via video link, with officials discussing domestic and international macroeconomic trends, bilateral economic relations, and joint efforts to address global challenges. The meetings were described as \"productive and substantive\" by the US State Department, highlighting the potential for resolving disagreements and fostering cooperation.
On the financial front, the working group focused on areas such as monetary stability, financial regulation, sustainable finance, and anti-money laundering initiatives. Both sides emphasized a professional and constructive approach to strengthening financial governance and stability.
The establishment of these working groups marks a pivotal moment in China-US relations, indicating a mutual interest in restoring dialogue and collaboration. Additionally, the timing aligns with the upcoming visit of Wang Yi, the leader of the Taiwan region, to the United States, paving the way for a potential summit between Chinese Premier Xi Jinping and US President Joe Biden at the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting next month.
Reference(s):
Breaking down barriers: China-U.S. working groups' inaugural meetings
cgtn.com
