{"id":2042845,"date":"2023-09-24T00:11:02","date_gmt":"2023-09-24T04:11:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-china-establish-channel-for-regular-economic-talks\/"},"modified":"2023-09-24T00:15:33","modified_gmt":"2023-09-24T04:15:33","slug":"us-china-establish-channel-for-regular-economic-talks","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-china-establish-channel-for-regular-economic-talks\/","title":{"rendered":"US and China create regular economic dialogue channel."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-china-establish-channel-for-regular-economic-talks%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2042845&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><blockquote>\n<div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p>The United States and China have established two working groups to foster \u200dregular policy communication between\u200d the world&#8217;s two largest economies. The Economic Working Group, overseen by the Department of the Treasury \u200dand China&#8217;s Ministry of Finance, will focus on economic matters, while\u200b the Financial Working Group, led by\u200b the People&#8217;s Bank of China, will address financial issues. These groups will meet regularly and \u200dreport to Treasury Secretary Janet Yellen \u200dand China&#8217;s Vice Premier\u2064 He\u200b Lifeng.<\/p>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<h2 class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/h2>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n<a href=\"http:\/\/www.theepochtimes.com\/china\/no-evidence-china-can-make-advanced-chips-at-scale-us-says-5496480?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3>No Evidence China Can Make Advanced Chips &#8216;at Scale,&#8217; US Says<\/h3>\n<p><\/a>\n<\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">9\/22\/2023<\/div>\n<\/div>\n<div class=\"shrink-0 basis-[120px]\">\n<a href=\"http:\/\/www.theepochtimes.com\/china\/no-evidence-china-can-make-advanced-chips-at-scale-us-says-5496480?ea_src=author_manual&#038;ea_med=related_stories\"><\/a>\n<\/div>\n<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n<a href=\"http:\/\/www.theepochtimes.com\/us\/us-finalizes-rules-preventing-chinas-access-to-52-billion-chips-funding-5496868?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3>US Finalizes Rules \u200bPreventing China&#8217;s Access to \u200d$52 Billion Chips Funding<\/h3>\n<p><\/a>\n<\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">9\/22\/2023<\/div>\n<\/div>\n<div class=\"shrink-0 basis-[120px]\">\n<a href=\"http:\/\/www.theepochtimes.com\/us\/us-finalizes-rules-preventing-chinas-access-to-52-billion-chips-funding-5496868?ea_src=author_manual&#038;ea_med=related_stories\"><\/a>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"my-5\">\n<p>The purpose of these working groups is to facilitate open and substantive discussions on economic and financial policies between\u2062 the two nations. Treasury Secretary Janet Yellen described\u2064 this initiative \u2064as &#8220;an important step forward in our bilateral relationship&#8221; and \u2063emphasized its significance \u200bfollowing her visit to Beijing in July.<\/p>\n<\/div>\n<p>During her visit \u200bto\u200b China, Yellen met with\u2064 several high-ranking officials, including Premier Li Qiang,\u2062 Vice Premier He Lifeng, central bank Governor Yi Gang, Party Secretary\u2064 Pan Gongsheng, and\u200c former \u200cVice Premier Liu He. However, no major breakthroughs were achieved.<\/p>\n<div class=\"post-figure\" style=\"margin-left:0;margin-right:0;max-width:1200px\">\n<figure style=\"width:1200px;margin-left:auto;margin-right:auto\" class=\"aligncenter\"><figcaption>U.S. Treasury Secretary Janet Yellen (C) speaks during a lunch\u200d meeting with \u2062economists \u200din Beijing on July 8, 2023. (Mark Schiefelbein\/Pool\/AFP via Getty Images)<\/figcaption><\/figure>\n<\/div>\n<p>Yellen emphasized that these working groups will serve as crucial \u2063channels to express America&#8217;s interests and concerns, promote fair economic competition, and foster cooperation on global challenges. \u2063She \u200dstressed the\u2064 importance of dialogue, especially in \u2064times of disagreement.<\/p>\n<p>China&#8217;s Ministry of Finance\u200b also released a statement announcing the establishment of these groups, highlighting their commitment to the agreements made between \u200dthe two countries&#8217; presidents during their\u2062 meeting in Bali last year.<\/p>\n<p>Engaging in dialogues and maintaining engagement \u2063with China has been a longstanding approach for the United States,\u200c except during the Trump administration, which adopted a more confrontational stance. Working groups with China are not a new concept, as similar initiatives were established during the Bush administration.<\/p>\n<div class=\"my-5\">\n<p>In late August, Commerce Secretary Gina Raimondo <a href=\"https:\/\/www.theepochtimes.com\/china\/us-china-agree-to-have-regular-dialogues-during-commerce-chief-raimondos-1st-talks-in-beijing-5481783\" target=\"_blank\" rel=\"noopener\">announced<\/a> the creation of a &#8220;commercial issues&#8221; working group to \u2064address export control enforcement.<\/p>\n<\/div>\n<div class=\"my-5\">\n<p>The Bali meeting in November marked the first in-person meeting between the leaders of the United States and China since President Joe Biden took office. The \u200cmeeting resulted in an agreement to empower senior officials to maintain communication and deepen efforts on various issues, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-takes-wait-and-see-approach-to-china-trade\/\" title=\"Biden admin. takes \u2018wait and see\u2019 approach to China trade\">including climate change<\/a>, debt \u200crelief, \u2063health \u2063security, and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-claims-it-will-try-to-fill-wheat-shortage-caused-by-ukraine-russia-war\/\" title=\"China Claims It Will Try to Fill Wheat Shortage Caused by Ukraine-Russia War\">global food security<\/a>. \u200dThe use of joint working groups was welcomed to address\u200b bilateral matters.<\/p>\n<\/div>\n<p>The Biden administration has consistently expressed its desire to \u200dcompete with China rather than engage\u200c in conflict. President Biden stated, \u200d&#8221;We&#8217;re not\u200b looking \u200cto hurt China, sincerely. \u2064We&#8217;re all better off if China \u2064does well\u2014if\u200c China\u200b does well \u200dby \u2063the international rules.&#8221;<\/p>\n<div class=\"post-figure\" style=\"margin-left:0;margin-right:0;max-width:1200px\">\n<figure style=\"width:1200px;margin-left:auto;margin-right:auto\" class=\"aligncenter\"><figcaption>President Joe Biden holds a press conference in Hanoi, Vietnam, \u2062on Sept. 10,\u2063 2023. (Saul Loeb\/AFP \u2063via \u200bGetty Images)<\/figcaption><\/figure>\n<\/div>\n<div class=\"my-5\">\n<h2>Contentious Issues<\/h2>\n<p>Tariffs, \u200btechnology, and Taiwan are among the areas where the United States and China have had disagreements.<\/p>\n<\/div>\n<div class=\"my-5\">\n<p>In April, \u2062Yellen <a href=\"https:\/\/www.theepochtimes.com\/china\/yellen-says-us-china-relations-at-a-tense-moment-seeks-constructive-solutions-5210661\" target=\"_blank\" rel=\"noopener\">criticized<\/a> China&#8217;s human \u200brights\u200b abuses in Xinjiang, Hong Kong, and \u2064Tibet,\u2062 while expressing optimism about working\u2064 towards a future of shared \u200dglobal economic progress.<\/p>\n<\/div>\n<div class=\"my-5\">\n<p>During her visit \u2064to Beijing in July,\u2062 Yellen <a href=\"https:\/\/www.theepochtimes.com\/china\/yellen-says-direct-communication-can-resolve-us-china-trade-woes-5382289\" target=\"_blank\" rel=\"noopener\">stated<\/a> that direct \u2064communication can address concerns regarding specific economic practices. She emphasized\u2063 the importance of safeguarding national \u2063security interests without worsening bilateral economic relationships.<\/p>\n<\/div>\n<div class=\"my-5\">\n<p>Several \u200chigh-ranking U.S. officials, including\u200d Secretary of State Antony Blinken, \u2062climate envoy John Kerry,\u2062 and \u200bnational security adviser\u2064 Jake Sullivan, have recently held meetings with Chinese leadership in ongoing efforts to ease tensions.<\/p>\n<\/div>\n<\/div>\n<\/blockquote>\n<p> <\/p>\n<h2> What is the purpose and objective\u200d of\u2063 the\u2063 Economic Working Group and the Financial Working Group established between the United States and China?<\/h2>\n<p><span>  Groups was seen as\u2063 a\u200d practical and effective\u2062 way\u2064 to achieve these goals.<\/p>\n<\/div>\n<p>The establishment\u200c of the Economic Working\u2062 Group and the\u2062 Financial Working\u200c Group further demonstrates the commitment\u2063 of both countries to strengthen \u200ceconomic ties and address financial\u200d challenges. These working groups will \u2063provide a platform for regular and structured discussions, allowing policymakers from both sides to exchange views\u2064 and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pennsylvania-school-board-votes-to-retain-trans-identifying-tennis-coach-after-locker-room-allegations\/\" title=\"PA School Board Keeps Trans-Identifying Tennis Coach Amid Locker Room Claims\">seek common \u200bground<\/a>.<\/p>\n<p>One of the key areas of focus for the\u200b Economic Working\u2063 Group will be trade\u200d and investment issues. As the \u2062world&#8217;s two largest economies, the United\u2064 States and China have \u200ca\u2063 significant impact \u2064on\u2062 global trade and investment \u2062flows.\u200b By engaging in open and constructive dialogue, it is hoped that\u200b both countries can address trade imbalances, market access barriers, and intellectual property \u200drights protection in a mutually beneficial way.<\/p>\n<p>The Financial\u2064 Working Group, on the other hand, will focus on \u2062financial \u200bstability \u200band\u200c regulatory\u2062 cooperation. With \u2064the increasing \u2064interconnectedness\u200d of global financial markets, it is crucial for\u2063 both countries to work together to maintain \u200dstability and address emerging \u2062risks. This includes coordinating efforts \u2064to combat money laundering, enhance cybersecurity, and promote \u200bthe resilience of the global financial system.<\/p>\n<p>The establishment of\u2062 these working groups comes at\u200b a time when \u2062the United States and China \u200bare facing various economic and financial challenges. The\u2064 COVID-19 \u2062pandemic \u200dhas \u200c<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/full-text-president-joe-bidens-state-of-the-union-address\/\" title=\"Full Text: President Joe Biden's State of the Union Address\">disrupted global supply chains<\/a> and dampened economic \u2064growth. In addition, there are\u200c ongoing tensions\u200d over issues such\u2062 as\u200c technology competition, human\u2064 rights, and territorial disputes.<\/p>\n<p>By establishing these working groups, both \u2063countries are showcasing their willingness to engage in constructive dialogue and find common solutions. Improved communication and cooperation between the United States and China will not only \u200dbenefit\u2064 the two \u200ccountries but \u200calso contribute to global economic stability and \u200dprosperity.<\/p>\n<p>It \u200cis important to note that these working groups are not a panacea for all the issues between \u200dthe United States\u2063 and China. Complex and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-china-establish-channel-for-regular-economic-talks\/\" title=\"US and China create regular economic dialogue channel.\">deep-rooted \u2064challenges require sustained efforts<\/a> and a comprehensive approach. However, they\u200c represent a\u2063 positive step towards fostering understanding, addressing \u200cconcerns, and finding\u200b areas of cooperation.<\/p>\n<p>As \u2064the United States \u2063and China navigate their complex relationship, \u200dthe role of\u2064 these working\u200d groups should \u2064not be\u200b underestimated. Regular policy communication and bilateral engagement lead to better mutual understanding and ultimately\u200d contribute to a\u200d more stable and prosperous world.<\/p>\n<p>Both the United States\u2063 and China \u200chave a vested interest in maintaining a\u2062 positive and constructive relationship. Despite\u2062 their differences, there are many areas where collaboration is both necessary \u200dand beneficial.\u200c The establishment of the Economic Working Group \u200cand the \u2062Financial\u2064 Working Group is a testament\u2062 to\u2062 the belief that dialogue and cooperation are vital for addressing shared \u2064challenges and achieving \u200cmutual goals.<\/p>\n<p>Going forward, it will be important for these working\u2062 groups to \u200dmaintain transparency, \u200dinclusivity, and \u200deffectiveness. Regular meetings, open dialogue,\u2062 and \u200ctimely reporting will\u2062 help build trust<\/p>\n","protected":false},"excerpt":{"rendered":"<p>part of the Financial Working Group. These groups aim to foster ongoing dialogue and cooperation on economic matters between the US and China, facilitating better understanding and coordination. With the Treasury and Ministry of Finance overseeing the Economic Working Group and the People&#8217;s Bank of China involved in the Financial Working Group, both countries can address key issues effectively.<\/p>\n","protected":false},"author":361,"featured_media":2042846,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2042845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2042845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/361"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2042845"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2042845\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2042846"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2042845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2042845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2042845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}