According to Bloomberg, on August 15th and 16th, a high-level US delegation led by Assistant Treasury Secretary Brent Neiman will hold talks with their Chinese counterparts within the framework of the US-China Financial Working Group, a mechanism established by both sides last year. The US delegation is expected to meet with the Vice Governor of the People's Bank of China (PBoC), Xuan Changneng, and other senior Chinese officials.
Speaking before leaving the US, Brent Neiman said that through this meeting, the US side wanted to promote consultations on financial stability, discuss issues related to cross-border data, lending and payments, private sector efforts to promote financial transformation, and concrete steps the two countries could take to enhance information exchange in the face of financial crises.
The United States and China reached an agreement to establish a Financial Working Group during US Treasury Secretary Janet Yellen's visit to Beijing in July 2023. The working group serves as a regular policy communication channel between the world's two leading economies , aiming to maintain economic stability between the US and China amidst rising bilateral trade tensions. This was the fifth round of dialogue for the Financial Working Group and the second to take place in China. Observers believe that the dialogue between the US-China Financial Working Group will positively influence the perspectives of US businesses as well as bilateral relations.
The dialogue is taking place against the backdrop of the world's two leading economies gradually falling into a spiral of escalating tariffs and retaliatory measures. According to an announcement from the US Trade Representative's office, effective August 1st, the US significantly increased tariffs on $18 billion worth of imported goods from China, including electric vehicle batteries, computer chips, and medical products. Washington also maintained the tariffs imposed in 2018 under President Donald Trump on $300 billion worth of Chinese products. Conversely, Beijing has also implemented retaliatory measures, including banning certain US companies from engaging in new import, export, and investment activities related to China. Most recently, Beijing indicated it may consider temporarily increasing tariffs on imported automobiles equipped with large-displacement engines from the US and the European Union.
THANH HANG
Source: https://www.sggp.org.vn/my-trung-doi-thoai-kinh-te-post753949.html
