Wednesday, 17 July 2024

China and the US declare a “productive” economic meeting

  • The first meeting of a new economic working group between US and Chinese officials was deemed “productive”.
  • The delegations had a fruitful and in-depth discussion for two hours.
  • On Wednesday, a different working group focused on finances will meet for the first time.

The Treasury Department reported that US and Chinese officials had a “productive” first meeting of a new economic working group on Monday as they attempt to solidify their bilateral relations.

During two hours of discussion, the delegations discussed a variety of topics, including domestic and global macroeconomic developments, according to a Treasury Department statement.

Economic meeting

Tensions between the US and China over trade, human rights, Taiwan, and the South China Sea have led to the lowest point in the two countries’ relations in years.

China has retreated over an American strategy of containment and encirclement, despite the US viewing China as its main geopolitical adversary. On Wednesday, a different working group focused on finances will meet for the first time.

Chinese state media described the meeting as “candid and constructive,” with senior Treasury and Ministry of Finance officials spearheading the conversation.

US Commerce Secretary Gina Raimondo declared in August that the US wanted closer ties with the second-largest economy in the world. However, tensions between the two countries have increased as a result of Washington’s announcement of restrictions on AI chip exports to China.

China is adamantly opposed to the curbs and has voiced its strong displeasure. China has been accused by the US of coordinating a “concerted” campaign of provocative and dangerous air force maneuvers against US military aircraft in international airspace, with the warning that such actions could unintentionally set off conflict.

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