- Two economic working groups were established by the Chinese Ministry of Finance and the U.S. Treasury Department on Friday in an effort to reduce tensions and strengthen relations between the two countries.
- The working groups will be divided into economic and financial groups, with Vice Premier He Lifeng and Treasury Secretary Janet Yellen serving as the leaders. In a series of tweets outlining the news, Yellen stated that the working groups would “create a durable channel of communication between the world’s two major economies.” The organizations would, according to her, “function as essential platforms to voice America’s interests and concerns, encourage a healthy economic competitiveness between our two countries with a level playing field for American workers and enterprises,” she said.
- This year has seen a number of high-ranking government officials travel to China, and the revelation sets the setting for a potential meeting between President Joe Biden and his Chinese counterpart, Xi Jinping, in November at a conference on the Asia-Pacific economy in San Francisco.
- The formation of the committees also follows a meeting between China’s vice president and secretary of state Antony Blinken that took place on Monday outside of the U.N. General Assembly.
