The China Times and Yonhap News Agency reported on the 19th that the United States and China are holding a financial working-level meeting and discussing financial stability and capital market issues between the two countries.
According to the media, working-level delegations from the U.S. Treasury and the Chinese Ministry of Finance are holding the first face-to-face consultation of the financial working-level meeting launched in September last year in Beijing for two days starting the day before.
The media reported that the U.S. and China are also discussing the policies of international financial organizations, including the World Bank and the International Monetary Fund (IMF), and cooperation in cracking down on cross-border payments, cross-border data regulation, money laundering, and drug trafficking.
The source pointed out that this meeting took place as the Joe Biden administration and Treasury Secretary Janet Yellen announced that they would establish a flexible U.S.-China communication channel.
In the U.S., the financial working meeting was attended by Brent Nieman, Assistant Secretary of the Treasury for International Finance, Nelly Liang, Undersecretary for Domestic Finance, and Andrea Garcchi, Director of the Financial Crimes Enforcement Network (FinCEN).
In China, officials from the Ministry of Finance, led by People’s Bank of China Vice President Xuan Changneng, took action.
Before the U.S. working-level delegation arrived in Beijing, Director Gaki reportedly visited Hong Kong to discuss illegal financing and compliance with related regulations with local financial authorities.
Finance Minister Yellen visited China in July last year and agreed to launch a financial working-level meeting between the two countries with Chinese Vice Premier Heifeng.
At that time, the U.S. and China decided to establish an ‘economic working-level consultation’ including an economic and financial working-level meeting to address economic and financial issues and common interests between the two countries.
Accordingly, the U.S.-China economic working meeting and financial working meeting held their first consultation via video conference in October last year.
Chinese Commerce Minister Wang Wentao said the day before that the U.S. and China should make good use of platforms such as communication mechanisms and China-Europe and China-Japan export control dialogue mechanisms to expand the scope of cooperation and work to narrow differences.
Treasury Secretary Yellen announced last month that she would visit China in the first half of 2024 to discuss improving communication, calling for greater transparency, strengthening regulatory cooperation, terrorist financing, and crackdown on drugs.
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.