China and US Economic Working Group holds constructive talks in Beijing: progress and commitment towards economic cooperation

China and the United States convened for the third meeting of the China-US Economic Working Group in Beijing from Monday to Tuesday, marking a significant step in ongoing efforts to address economic concerns and foster constructive dialogue between the two nations.

The meeting, co-chaired by Vice-Minister of Finance Liao Min and Jay Shambaugh, Under Secretary for International Affairs at the US Treasury, saw the participation of relevant economic departments from both countries.

Finance Minister Lan Foan, representing China, engaged in a brief exchange with the US side, reflecting the importance of the discussions at hand.

The meeting was conducted following the three critical consensus points established by the leaders of both nations during the San Francisco summit.

This included a commitment to conducting in-depth, candid, pragmatic, and practical discussions on a range of topics, including the macroeconomic situation and policies of both countries, financial cooperation within the G20, as well as the issue of debt faced by developing countries and industrial policies.

During the discussions, both parties engaged in constructive communication, reflecting a commitment to addressing key economic issues. Notably, China expressed concerns regarding the increased tariffs imposed by the US, as well as two-way investment restrictions and sanctions targeting Chinese companies. These concerns were raised in the spirit of open dialogue and mutual understanding.

Despite these concerns, both parties agreed to continue communication, signaling a commitment to ongoing engagement and a willingness to address and resolve economic differences through dialogue and cooperation.

The meeting's outcomes underscore the importance of sustained communication and cooperation between China and the United States, particularly in the realm of economic relations. As the world's two largest economies, their ability to engage in constructive dialogue and find common ground on economic issues holds significant implications for global economic stability and growth.