Open communication between the China US Economic and Financial Working Group

It was reported on the website of the Lianhe Zaobao on December 16 that Liao Min, Vice Minister of Finance of China, co chaired the seventh meeting of the China US Economic Working Group with Shang Bo, Vice Minister of Finance of the United States, during his attendance at the G20 Finance and Central Bank Deputy Meeting in Johannesburg, South Africa, on December 12

The two sides had frank, in-depth, and constructive communication on the macroeconomic situation and policies of the two countries, working together to help low-income countries cope with global challenges such as liquidity issues and governance reform of multilateral development banks

China has clarified its position on relevant economic and trade issues and expressed concern over the recent economic and trade restrictions imposed by the United States on China

According to the website of Hong Kong's South China Morning Post on December 17th, the China US Financial Working Group held a meeting amidst the uncertainty surrounding the future under the Trump administration

According to reports, one month before Donald Trump returns to the White House, China and the United States held what may be the last economic and financial working group meeting between the two countries under Biden's presidency

The US Treasury Department announced on the 16th that senior officials from Washington and Beijing discussed economic and financial issues at the recent two working group meetings

According to information released by the US Treasury Department, the China US Economic Working Group meeting was held on December 12th in Johannesburg, South Africa, co chaired by Shang Bo, Deputy Secretary of the US Treasury for International Affairs, and Liao Min, Deputy Secretary of the Chinese Treasury

The Chinese Ministry of Finance said that China has clarified its position on relevant economic and trade issues. The Chinese side also expressed concerns about the recent economic and trade restrictions imposed by the United States on China

This working group was established in 2023 to address the differences between China and the United States. It is currently unclear whether Trump will allow this mechanism to continue

According to reports, some observers believe that bilateral dialogue may decrease during Trump's second term, as compared to the Biden administration, there were much fewer bilateral dialogues during Trump's first term, especially in areas such as climate change

The US Treasury Department stated that both sides also discussed the impact of China's recent package of incremental policies

The report also said that Naiman, the assistant secretary of the US Treasury in charge of international financial affairs, and Xuan Changneng, the deputy governor of the People's Bank of China, held a meeting of the Sino US financial working group in Nanjing from 15th to 16th

Financial officials from both sides also held off-site consultations in Nanjing to discuss the issue of illegal finance, and the US Treasury Department raised several concerns about this issue

The US Treasury Department stated that the two countries have also signed a memorandum of understanding on information sharing in the insurance sector and other areas of common concern