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US and Chinese Officials Conclude Third Financial Cooperation Meeting

HUIZHONG WU, Associated Press

21 hours ago

BANGKOK (AP) ÔÇö US and Chinese officials have completed the third meeting of a working group established to cooperate on financial issues, in a step that continues the trend set by the two powers last November to ease tensions. The officials from the U.S. Department of the Treasury met with counterparts in the PeopleÔÇÖs Bank of China to discuss issues ranging from financial stability to countering money laundering. The delegation also met with Vice Premier He Lifeng while they were in China, according to a statement from the Treasury Department on Friday. This continued effort to work together on financial matters highlights the ongoing commitment of both powers to find common ground for cooperation, even amidst broader geopolitical challenges.

The working group also indicated that Treasury Secretary Janet Yellen would return to China for a visit at some point in the future, further solidifying the commitment to maintain open lines of communication and cooperation. She was previously there in July and her return visit signifies a sustained effort to engage with Chinese counterparts to address shared concerns and priorities.

In November, Yellen met with He in San Francisco. Their two-day meeting was seen as paving the way for the later meeting between U.S. President Joe Biden and ChinaÔÇÖs President Xi Jinping, signaling a deliberate and strategic approach to diplomatic relations and engagement.

The two sides in November had agreed to resume cooperation on issues such as curbing fentanylÔÇÖs spread, as well as military-to-military communication, indicating a willingness to address a wide range of mutual concerns. While these ongoing efforts have prevented further escalation in tensions between the two nations, they have yet to fully resolve the underlying differences and challenges that exist.

The prolonged economic issues between China and the U.S. have persisted since former President Donald Trump launched a trade war, setting high taxes on a number of Chinese goods. These ongoing tensions continue to impact global economic stability and require sustained efforts towards finding mutually beneficial solutions.

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