Overview of recent U.S.-China economic and financial collaborative work

U.S. Treasury Secretary Janet Yellen, center, attends the Business Leaders Roundtable meeting at Baiyun International Conference Center in Guangdong Province, in southern China, April 5, 2024. /CFP

U.S. Treasury Secretary Janet Yellen, center, attends the Business Leaders Roundtable meeting at Baiyun International Conference Center in Guangdong Province, in southern China, April 5, 2024. /CFP

On Saturday, Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Janet Yellen engaged in another round of intensive bilateral discussion. These talks are part of a series of regular high-level meetings that underscore both nations’ commitment to enhancing their relationship and ensuring smooth communication.

Here is an overview of recent developments between China and the U.S. in the fields of economy and finance, with an overview of the outcomes achieved:

A photo of the China and U.S. flags as U.S. Treasury Secretary Janet Yellen and China’s Vice Premier He Lifeng meet at the Guangdong Zhudao Guest House in the southern city of Guangzhou, China, April 5, 2024. /CFP

A photo of the China and U.S. flags as U.S. Treasury Secretary Janet Yellen and China’s Vice Premier He Lifeng meet at the Guangdong Zhudao Guest House in the southern city of Guangzhou, China, April 5, 2024. /CFP

– Yellen visited China in July 2023 and she characterized the conversations during her four-day trip as “direct, substantive and productive.” China described interactions as “candid, pragmatic, in-depth and constructive.”

– The China-U.S. working groups on economic and financial issues were launched in September 2023. They are aimed at providing a regular policy communications forum between the world’s two largest economies.

– In January 2024, China’s Minister of Agriculture and Rural Affairs Tang Renjian and U.S. Secretary of Agriculture Tom Vilsack co-chaired the seventh meeting of the China-U.S. Agricultural Cooperation Joint Committee in Washington, D.C., restarting the agricultural cooperation mechanism between the two nations.

– The third meeting of the China-U.S. economic working group took place in Beijing in February 2024. The discussions mainly focused on the macroeconomic situations and policies of the two countries, G20 financial cooperation, the debt of developing countries and industrial policies.

– A seminar under the U.S.-China Commercial Match-Making Program held in March 2024 saw the participation from over 130 company representatives from both countries, highlighting the potential for increased cooperation and understanding. This event, in particular, showcased the vibrant exchanges and interactions that characterize the current phase of China-U.S. relations.