US, China establish economic task force

The United States and China announced the establishment of a working group on economic and financial policy, a move in an effort to stabilize bilateral relations.

China's CCTV reported on September 22 that China and the US have established an "economic task force" and a "financial task force", saying the two groups will hold "regular and ad hoc meetings to strengthen communication and exchanges on relevant issues".

The US Treasury Department said the same day that the two task forces will meet regularly at the deputy ministerial level and report to Secretary Janet Yellen and Chinese Vice Premier He Lapfeng.

The economic task force will be led by the US Treasury and the Chinese Ministry of Finance and will discuss macroeconomic issues. The financial task force will be under the US Treasury and the People's Bank of China and will focus on financial stability and regulatory issues.

Chinese Vice Premier He Lifeng (right) and US Treasury Secretary Janet Yellen before their meeting in Beijing on July 8. Photo: Reuters

In a post on social media X, Secretary Yellen said the creation of the task forces "is an important step forward in our bilateral relationship." "It is important that we have dialogue, especially when we disagree," Ms. Yellen wrote.

Tensions in US-China relations have escalated due to many issues such as Taiwan, trade and other disagreements. The November 2022 meeting between US President Joe Biden and Chinese President Xi Jinping in Bali, Indonesia is considered an effort to improve relations between the two countries after a period of tension.

Dialogue between the two countries froze after the US downed a Chinese balloon in February, claiming it was a spy device. The two countries later resumed high-level contacts, including a visit to Beijing by US Secretary of State Antony Blinken, Secretary Yellen and several other officials.

US officials still impose some trade restrictions on China in areas the country considers important to national security, including high-end semiconductor products.

Nguyen Tien (According to AFP )

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