The US established two working groups to liaise on economic and financial issues with China.

US Treasury Secretary Janet Yellen meets with Chinese Vice Premier He Lapfeng in Beijing on July 8.

The US Treasury Department on September 22 officially announced the establishment of two new working groups on economic and financial issues between the US and China, aiming to provide a forum for regular policy communication between the world's two leading economies.

The two groups will meet regularly and report to US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lapfeng, a statement cited by Reuters said.

The counterpart of the Economic Working Group will be the Ministry of Finance of China, while the counterpart of the Financial Working Group will be the People's Bank of China.

The establishment of the two working groups followed Ms. Yellen's visit to Beijing in July, where she met Mr. He and other senior officials to re-establish communication on economic and financial issues, after years of deterioration in the relationship.

Writing on social network X, Ms. Yellen said that the working groups "will serve as an important forum to communicate US interests and concerns, promote healthy economic competition between the two countries with a level playing field for American workers and businesses, and promote cooperation on global challenges".

“It is incredibly important that we talk, especially when we disagree,” she wrote.

The Ministry of Finance and the People's Bank of China both issued statements confirming the establishment of economic and financial working groups, but provided few details other than to say the groups were aimed at enhancing communication and coordination on these issues.

A US Treasury official said Ms. Yellen reiterated to Chinese officials that the US would use these groups to promote any possible cooperation with China on global challenges, including debt restructuring for troubled developing economies, climate finance and anti-money laundering efforts.

The establishment of the two working groups also follows an agreement by US Commerce Secretary Gina Raimondo with Chinese officials last month to establish an export control working group to explain US policies.

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