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Senior U.S. officials will visit China this week, the administration said on Monday, part of an effort to maintain relations between the world’s two largest economies despite tensions over trade.
The trip to Shanghai was part of talks between the two sides on the Financial Working Group (FWG), which was established last year to discuss financial sustainability, cross-border data issues and the fight against fentanyl.
The working group meetings will take place on Thursday and Friday. The U.S. delegation will be led by Brent Neiman, the Treasury Department’s undersecretary for international finance.
Representatives from the Federal Reserve and the Securities and Exchange Commission will also attend, along with Treasury officials.
The Chinese delegation will be led by Xuan Changneng, deputy governor of the People’s Bank of China.
“We intend to discuss at this meeting financial stability, cross-border data, lending and payments-related issues, the private financial sector, and concrete steps we can take to improve communication in the event of a financial crisis,” Mr Neiman said.
He added that the meetings between US and Chinese economic officials followed “directives from President Joe Biden and Treasury Secretary Janet Yellen to establish stable channels of communication as we responsibly manage our relationship with Beijing.”
Officials are also expected to discuss possible changes to China’s anti-money laundering laws, according to the U.S. Treasury Department.
The talks will be the fifth meeting of the Financial Working Group and the second round of meetings held in China.
The group, which will be formed along with another task force on economic affairs in 2023, will report directly to Secretary of State Janet Yellen and Chinese Vice Premier He Lifeng.
Yellen held high-level talks in Beijing and Guangzhou in April and before visiting Shanghai this week she issued a strong warning about the dangers of industrial overproduction in China, a move Chinese officials rejected.
President Biden’s administration is also working to stop chemicals used to produce fentanyl from entering the United States.
She has previously touted diplomatic victories with China, including what officials said was Beijing’s first crackdown in years on makers of the drug ingredients as the U.S. addiction crisis deepens.
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