China, US establish pair of working groups on economic, financial affairs

 

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The US and Chinese governments have established a pair of working groups focused on economic and financial affairs, according to China’s state broadcaster CCTV and the US Treasury Department.

The economic working group is led by vice-ministerial officials from the Ministry of Finance of China and the US Treasury Department, while the financial working group is led by vice-ministerial officials from the PBOC and the US Treasury Department, according to a statement released by the PBOC.

The US Treasury Department said that the two working groups will provide ongoing structured channels for frank and substantive discussions on economic and financial policy matters, as well as an exchange of information on macroeconomic and financial developments. 

The formation of the working groups builds on the consensus reached between Yellen and He during her trip to Beijing in July this year, and is aimed at implementing the important consensus reached by the two heads of state in Bali, Indonesia, according to the US Treasury Department.