In a positive development, officials from the U.S. Treasury and Chinese finance authorities concluded their meetings in Beijing this week, affirming their commitment to ongoing regular engagements, as announced by the Treasury Department on Friday.
The statement highlighted that U.S. officials expressed Secretary Janet Yellen's anticipation of a return visit to China at an "appropriate time," underlining the diplomatic and economic dialogue between the two nations.
The Financial Working Group convened discussions on a range of crucial topics, including financial stability, capital markets issues, international financial institutions, sustainable finance, cross-border payments and data, as well as collaborative efforts to combat money laundering and the financing of terrorism. The Treasury noted that U.S. officials openly addressed areas of disagreement without specifying the exact points of contention.
The discussions also encompassed a review of previous exchanges on climate stress testing and frameworks for resolving globally systemically important banks in both countries.
Established in September 2023, the Financial Working Group, alongside the parallel Economic Working Group, emerged after Secretary Janet Yellen's visit to Beijing, signifying a renewed commitment to economic communications between the U.S. and China.
The Treasury Department emphasized that the members of the financial group, led by Assistant Secretary for International Finance Brent Neiman and Undersecretary for Domestic Finance Nellie Liang, held fruitful discussions with Vice Premier He Lifeng in Beijing, reinforcing the collaborative nature of the meetings.
Led by the People's Bank of China, the Chinese delegation included representatives from various agencies, reflecting a comprehensive and inclusive approach to economic discussions.
This positive step forward in economic diplomacy reaffirms the commitment of both nations to sustained dialogue, fostering understanding, and addressing shared challenges in the evolving global economic landscape.