US, China launch economic, financial working groups

ISTANBUL

The US and China, two of the biggest economies in the world, have launched an Economic Working Group and a Financial Working Group, the US Treasury Department announced Friday.

The two groups will provide channels for discussions on economic and financial policy matters, in addition to an exchange of information on macroeconomic and financial developments, it said.

"The formation of these Working Groups builds on the consensus reached between Secretary (Janet) Yellen and Vice Premier He (Lifeng) during the Secretary’s trip to Beijing in July, and carries out President (Joe) Biden’s directive to deepen communication between the two countries following his meeting with President Xi in Bali last year," it added.

The Economic Working Group will be led by the US Treasury Department and China’s Ministry of Finance, while the Financial Working Group will be led by the Treasury Department and the People’s Bank of China.

The two groups will meet at the vice minister-level regularly and report to Yellen and He, according to the statement.