01-18-2024, 12:48 PM
US and Chinese Financial Officials to Meet in Beijing for Talks
January 18, 2024
US and Chinese officials will meet in Beijing this week for financial talks, the latest sign of the improvement in ties between the world’s two largest economies.
Officials from the US Treasury will meet Chinese counterparts in Beijing Thursday and Friday, according to a Treasury official who asked not to be named. The discussions are the latest round of “financial working group” talks established last year and will include issues including financial stability, capital markets, narcotics and terrorism funding, the official said.
US-China relations improved in the second half of 2023 after a rocky start to the year, with Presidents Joe Biden and Xi Jinping meeting in November in an effort to stabilize ties. However, the question of Taiwan, Chinese and US actions in the South China Sea, and issues including trade and export controls continue to bedevil the relationship.
The financial working group was announced after US Treasury Janet Yellen visited China last year. Yellen also met with her counterpart Vice Premier He Lifeng in San Francisco in November, ahead of the presidential summit.
In a speech last month, Yellen said she plans to visit China again this year, noting that it was crucial to engage in ways that could prevent a wide range of potential crises — from diplomatic to financial. She also emphasized that the US would continue to pursue export controls and investment restrictions that have angered Beijing.
China’s domestic economic performance may also be on the agenda for this week’s talks. At an Asia Pacific Economic Cooperation meeting in the US in November, Yellen discussed the Asia nation’s growth slowdown with the region’s finance ministers, who agreed that it presented a “downside risk to the economic outlook” particularly for APEC countries with strong trade ties to Beijing.
China reported full-year economic results on Wednesday, and financial markets dropped again after the disappointing data showed the housing slump and deflation continuing and retail sales growth slowing.
The latest talks were first reported by the Financial Times.
January 18, 2024
US and Chinese officials will meet in Beijing this week for financial talks, the latest sign of the improvement in ties between the world’s two largest economies.
Officials from the US Treasury will meet Chinese counterparts in Beijing Thursday and Friday, according to a Treasury official who asked not to be named. The discussions are the latest round of “financial working group” talks established last year and will include issues including financial stability, capital markets, narcotics and terrorism funding, the official said.
US-China relations improved in the second half of 2023 after a rocky start to the year, with Presidents Joe Biden and Xi Jinping meeting in November in an effort to stabilize ties. However, the question of Taiwan, Chinese and US actions in the South China Sea, and issues including trade and export controls continue to bedevil the relationship.
The financial working group was announced after US Treasury Janet Yellen visited China last year. Yellen also met with her counterpart Vice Premier He Lifeng in San Francisco in November, ahead of the presidential summit.
In a speech last month, Yellen said she plans to visit China again this year, noting that it was crucial to engage in ways that could prevent a wide range of potential crises — from diplomatic to financial. She also emphasized that the US would continue to pursue export controls and investment restrictions that have angered Beijing.
China’s domestic economic performance may also be on the agenda for this week’s talks. At an Asia Pacific Economic Cooperation meeting in the US in November, Yellen discussed the Asia nation’s growth slowdown with the region’s finance ministers, who agreed that it presented a “downside risk to the economic outlook” particularly for APEC countries with strong trade ties to Beijing.
China reported full-year economic results on Wednesday, and financial markets dropped again after the disappointing data showed the housing slump and deflation continuing and retail sales growth slowing.
The latest talks were first reported by the Financial Times.