In an effort to reduce tensions and strengthen relations between the two countries, two economic working groups were established by the US Treasury Department and the Chinese Ministry of Finance on Friday.
The working groups will be split into economic and financial parts, with Vice Premier He Lifeng and Treasury Secretary Janet Yellen serving as the leaders, AFP reported.
The report quoting Yellen, the working groups will “establish a durable channel of communication between the world’s two largest economies,” in a series of prepared tweets she shared with The Associated Press ahead of Friday’s announcement.
The organisations, according to Yellen, would “serve as important forums to communicate America’s interests and concerns, promote a healthy economic competition between our two countries with a level playing field for American workers and businesses.”
This year has seen a number of high-ranking government officials travel to China, and the revelation sets the setting for a potential meeting between President Joe Biden and his Chinese counterpart, Xi Jinping, in November at a conference on the Asia-Pacific Economy in San Francisco.
According to a news release from the Treasury Department, the two finance ministers have agreed to meet on a “regular cadence.”