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China and US set up finance, economic discussion channels after talks to ease trade tensions
- The working groups were set up following talks between US Treasury chief Janet Yellen and Chinese vice-premier He Lifeng
- Sources say the two sides have resumed talks in several areas and are working on dialogue on arms control and AI
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China and the United States announced on Friday that they have set up joint working groups on finance and the economy after months of talks on easing trade tensions.
The joint effort, under the auspices of Chinese Vice-Premier He Lifeng and US Treasury Secretary Janet Yellen, would be the first tangible outcome of commitments Chinese President Xi Jinping and US President Joe Biden made at their first face-to-face meeting as their countries’ leaders last year.
“The two working groups will hold meetings on a regular and ad hoc basis to enhance communication and share views on issues related to the economic and financial fields,” state broadcaster CCTV said.
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The broadcaster said the decision was based on a “consensus” between He, who is leading the trade talks with Washington, and Yellen, who met He in Beijing in July.
Sources told the South China Morning Post that the two sides have resumed talks in several areas and are working on opening dialogues on arms control and artificial intelligence, but there has been limited progress on resuming military-to-military communications.
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The US Treasury Department said the groups would report to He and Yellen and “provide ongoing structured channels for frank and substantive discussions on economic and financial policy matters, as well as an exchange of information on macroeconomic and financial developments”.
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