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February 6, 2024
The United States and the People’s Republic of China held the third Economic Working Group (EWG) meeting on February 5th and 6th. This was the EWG’s first meeting in 2024 and its first meeting in China.
Senior officials from the U.S. Treasury and the Chinese Treasury convened in Beijing for a two-day EWG meeting, with other agencies also participating. Both sides exchanged views on the domestic macroeconomic outlook and began consultations. The meeting included discussions on cooperation on common challenges such as debt issues in low-income and emerging countries. U.S. officials also openly raised worrisome issues such as China’s industrial policy practices, overcapacity, and its impact on American workers and businesses. U.S. officials reaffirmed that the United States does not seek to decouple the two economies, but instead seeks a healthy economic relationship that provides a level playing field for American companies and workers. The talks ended with both sides agreeing to meet again in April.
While in Beijing, the Treasury Department delegation also met with Vice Premier He Lifeng, where Secretary Janet L. Yellen welcomed the progress of the EWG and discussed the importance of continuing to deepen communication and work together on common challenges. . The two leaders also indicated that they look forward to revisiting China at an appropriate time this year.
The Economic and Financial Working Group was established in September 2023. Both working groups will report directly to Secretary Yellen and Vice Premier He.
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