China and US graphics: GT
Chinese and U.S. officials reportedly began new financial talks on Thursday, with Chinese experts expressing concern about the U.S.’s expansion of economic and trade restrictions on China and trade issues. He said he is expected to ask the United States to stop politicizing the United States.
Neither China nor the U.S. have announced the dates for the fifth meeting of the Bilateral Financial Working Group, but multiple U.S. media outlets, citing U.S. Treasury officials, said the meeting will be held in Shanghai on Thursday and Friday. It was reported that. The two countries will reportedly focus on macroeconomic policy and financial stability, among other topics.
Amid growing concerns about the global economy, the new talks would send a positive signal that the world’s biggest economies are continuing to communicate despite rising tensions. However, as the United States continues to tighten its crackdown on Chinese products and companies, experts say that China will resolutely oppose the US crackdown and resolutely promote high-quality development at its own pace.
As of press time on Thursday, no official information regarding the reported Shanghai meeting had been released. Still, in line with long-standing U.S. practice ahead of talks with China, U.S. officials have made clear to U.S. media their intentions for the next round of talks. According to a report by Bloomberg, a US Treasury spokesperson said the talks would focus on issues such as macroeconomic and financial stability, International Monetary Fund governance, and capital market issues.
These themes are consistent with those taken up by the Financial Working Group, which was established last year and has held four meetings to date. The fourth meeting, held in Washington, DC in April, also focused on monetary policy and financial stability in both countries, according to official Chinese statements at the time.
“The Central America Financial Working Group is part of an arrangement to strengthen communication in line with the agreement reached by the leaders of the two countries.Specific topics of discussion will include the current economic and financial situation and concerns of both countries. “It depends on the position of both sides,” Zhao Xijun, co-director of the China Capital Markets Research Institute at Renmin University of China, told the Global Times on Thursday.
The fifth meeting comes as global markets grow increasingly concerned about the U.S. economy. Recent disappointing economic data in the United States has spooked global markets, with the country’s unemployment rate rising to 4.3% in July, the highest since 2021. Others predict a slowdown in the U.S. economy, and even a possible recession.
Against this backdrop, experts say it is within expectations that the United States will focus on financial stability. Notably, Brent Neiman, the U.S. Assistant Secretary of the Treasury for International Finance, who co-leads the group with his Chinese counterpart, said at the meeting that the U.S. would “take steps to improve communication in the event of financial stress.” It is intended to include dialogue on “concrete measures that can be taken.” . ”
Dialogue and the possibility of policy coordination between the two countries is beneficial to both sides and the global economy, but given the US hostility towards China, it is difficult to effectively address differences and stabilize bilateral relations through dialogue. Experts said there remained doubts about the U.S.’s sincerity in trying to do so. .
He Weiwen, a senior fellow at the China and Globalization Center, told the Global Times, “The United States is proceeding with talks with China due to domestic political and economic pressure, but the long-term goal of containing China is “We haven’t given up on our goals,” he said. “We need to understand this and work to further stabilize bilateral relations.”
China’s tough stance
Regarding the United States’ two-pronged approach to China, Chinese officials clearly expressed China’s firm stance of firmly opposing the United States’ illegal repressive measures while remaining open to dialogue. China has reiterated this position on various occasions.
At the April meeting of the China-US Economic Working Group, which was also established last year along with the Financial Working Group, China expressed concern about the US’ economic and trade restrictions with China and responded to its insistence on production. The Ministry of Finance said at the time that “capacity is sufficient.”
However, despite China’s repeated protests, the US government continues to escalate its campaign of repression against China. Since the April meeting, the U.S. announced additional tariffs on a wide range of Chinese products in May, including electric vehicles. The United States also plans to announce new restrictions on exports of semiconductor manufacturing equipment from foreign countries to Chinese chipmakers, media reported.
Reacting to the reported plans, Chinese Foreign Ministry Spokesman Lin Jian said on July 31 that the United States would continue to politicize trade and technology issues, link them to national security, and tighten controls on chip exports to the United States. He accused them of using it as a weapon. China.
“I would like to emphasize that containing and pursuing China will not stop China’s development, but will only strengthen China’s determination and ability to further enhance its own technological and innovative capabilities,” Lin said at a regular press conference. I want to,” he said.
Experts said that during the reported meeting in Shanghai, Chinese officials reiterated China’s firm position and agreed to the plan outlined at the Third Plenary Session of the 20th Central Committee of the Communist Party of China. He is said to be planning to brief U.S. officials on the challenges of China’s reform and opening-up. .
“We have formulated directions and goals for economic and social development. These goals include further deepening comprehensive reform to promote China’s modernization,” Zhao said. , said that China will continue to help the international community understand China’s determination and confidence in reform. And opening up and the new opportunities it brings.
