US, China form working groups as ties improve
China are establishing two working groups to discuss economic and financial issues, the latest sign of a thaw in relations between the world's largest economies.
The groups «will provide ongoing structured channels for frank and substantive discussions on economic and financial policy matters, as well as an exchange of information on macroeconomic and financial developments,» the US Treasury Department said in a statement Friday.
Meetings will be held regularly at the vice-minister level, with officials reporting back to Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng, according to the Treasury. That framework is notably less extensive than the bilateral forums earlier this century, when gatherings featured multiple cabinet members and spanned a wide array of subject matters.
The announcement comes after a string of visits to China by high-level US officials that appear to have helped stabilize ties.
Tensions between Washington and Beijing had escalated over several issues, including US export controls, then-House Speaker Nancy Pelosi's visit last year to Taiwan, and an alleged Chinese spy balloon discovered floating over the US.
The creation of the two groups also marks a resumption of regular economic dialogue between the two nations for the first time since 2018, when the Trump administration abandoned structured engagement. US Commerce Secretary Gina Raimondo also established a new commercial issues working group on her August visit to China, as well as a regular meeting to talk about export controls.
