China USA Photo:VCG
Several media outlets reported that a meeting of the China-US Financial Working Group was held in Shanghai on Thursday and Friday. This is the fifth bilateral meeting since the two countries agreed to establish two economic and financial working groups in September last year. The New York Times said the purpose of the meeting was to enhance communication and “discuss ways to maintain economic and financial stability.” The meeting focused on issues such as macroeconomic and financial stability, the International Monetary Fund, and capital market management. This is especially urgent and important at a time when the international order faces challenges and economic relations between China and the United States are strained.
This is another exchange between China and the US in economic, trade and financial fields, following the visit of a high-level US business delegation to China. Judging from the topics discussed, it can be seen that the United States is trying to communicate and coordinate with China on financial stability and address potential economic issues. At the same time, it also emphasizes the importance of ensuring global economic and financial stability in the current complex situation. The willingness for dialogue and cooperation shown by both sides is also a pursuit of stability amidst the recent escalation of global economic and financial risks and tensions.
The importance of China and the United States as the world’s top two economies in the global economy cannot be ignored. Economic and financial cooperation between the two countries has a significant impact on the trajectory of the global economy. The world economy will certainly benefit if economic and trade relations between the two major powers stabilize. The original purpose of establishing the Central America Financial Working Group and the Central American Economic Working Group was also to “sit down and discuss” through this platform. In the past four meetings of the China-US Financial Working Group, both sides have provided professional, pragmatic, frank and constructive discussions on the two countries’ monetary policy and financial stability, financial regulatory cooperation, anti-money laundering, counter-terrorism, etc. We have had discussions. financing, financial infrastructure and other issues.
We have also noticed that many foreign media outlets mention the current trade tensions between China and the United States when reporting on the Sino-US Financial Working Group dialogue. In particular, some U.S. officials have continued to make false statements on issues such as overcapacity in an attempt to pressure the Chinese government, and the risks that so-called China’s macroeconomic imbalances and overcapacity pose to the global economy. is exaggerated. Through this dialogue, the U.S. members of the working group will be able to objectively and comprehensively understand China’s stance and policies in financial system reform and participation in global financial governance and cooperation, and will be able to establish a realistic relationship between the two countries. It is hoped that this will create room for the continued development of dialogue. countries.
Moreover, when it comes to the impact of current global financial risks and macroeconomic imbalances on countries around the world, the greatest uncertainty remains undoubtedly the United States itself. Previous pump priming actions by the Federal Reserve caused inflation, which became the Sword of Damocles hanging over the global economy. Uncertainty over whether interest rates will be cut continues to roil global stock, bond and foreign exchange markets. Furthermore, the US national debt of over $35 trillion has also greatly increased global concerns about financial stability. Earlier this year, the IMF issued a rare criticism of the United States for its unsustainable fiscal policies, which undermine global financial stability.
Just this week, hundreds of lawyers around the world jointly sent a letter to U.S. President Joe Biden calling for widespread unilateral economic and financial sanctions that they say will lead to economic instability, hunger, and reduced access to medicine. He called on the United States to stop imposing the ban. And necessities. “We believe that the unilateral application of certain economic sanctions amounts to collective punishment.” Sanctions have not only caused instability and poverty in many countries, including Venezuela and Cuba, but have also left people living in poverty. , even their survival is threatened. The Washington Post previously stated bluntly that sanctions “have become (the United States’) almost reflexive weapon in a perpetual economic war.” How effectively the United States responds to these global concerns is equally important to maintaining global financial stability.
China’s stance on maintaining global financial stability is consistent. The Third Plenary Session of the 20th Central Committee of the Communist Party of China emphasized the need to actively participate in international financial governance. In developing relations with the United States in all aspects, including financial affairs, China has adhered to the principles of mutual respect, peaceful coexistence, and win-win cooperation. This is also the key to why China and the United States are able to sit down and talk successfully. It is hoped that the United States will deal with China halfway, make truly responsible efforts to maintain global financial stability, and take the lead in assuming the responsibilities of major countries in global economic governance.
