A group of senior officials from US President Joe Biden’s administration departed for Shanghai on Monday to hold another round of high-level talks with the Chinese side to maintain economic and trade ties between China and the US, US media reported. .
They are scheduled to meet with People’s Bank of China Vice Governor Xuan Changneng and other senior Chinese officials, according to the New York Times and Bloomberg.
The U.S. delegation will be led by Brent Neiman, the U.S. Treasury Department’s assistant secretary for international finance, and will also include officials from the Federal Reserve and the Securities and Exchange Commission.
The talks are scheduled to take place on Thursday and Friday through the platform of the Central America Financial Working Group and will discuss maintaining economic and financial stability.
Charles Foster, vice president of the George H.W. Bush Foundation for U.S.-China Relations, said he welcomed the new talks.
“It is clear to the leaders of both the U.S. and China that high-level U.S.-China dialogue under the auspices of the U.S.-China Financial Working Group will benefit both of the world’s largest economies,” Foster said. said. he told China Daily.
“Working well together in areas of mutual interest for both countries is a confidence-building measure that could enable the United States and China to work together to resolve differences in other areas where there are significant differences between the two countries,” Foster said. None other than that.”
“This Financial Working Group meeting will focus on issues related to financial stability, cross-border data, lending and payments, and the private sector to advance transition financing,” US media reported. We intend to include discussion on our efforts and the concrete steps we will take.” Even in times of financial stress, you can improve your communication. ”
The Financial Working Group was created last year along with the Economic Working Group and will report directly to China’s Vice Premier He Lifeng and US Treasury Secretary Janet Yellen. The Financial Working Group has held four meetings so far, and the meeting in Shanghai will be the second in China.
Nicholas Taber, the U.S. Treasury Department’s assistant secretary for international financial markets, said at a symposium on the international financial system in Cambridge, Massachusetts, in June that the two countries “have begun to establish new channels of communication on monetary policy.” said. 2023.
The United States and China are the world’s two largest economies, together accounting for about 40% of global banking assets and home to 12 of the world’s 30 banks, considered the most important to the global system, Taber said. said. “The domestic financial stability of the United States and China has a significant impact on global financial stability, and our policies have a profound impact on how financial risks play out globally,” he said at the symposium. said.
Taber said that through the process of building new communication channels, “financial working group participants will begin to build the relationships necessary for mutual understanding of policy, identify areas of mutual benefit from cooperation, and address differences of opinion.” “We were able to provide a space to communicate clearly about the field.”
Agencies also contributed to this article.
