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►Wang Kaiwen, Observer.com

According to multiple media reports, the China-US Financial Working Group held a meeting in Shanghai from August 15 to 16. This was the fifth bilateral meeting of the working group since its establishment in September last year.

Many foreign media have noted that this meeting was held at a time when trade tensions between China and the United States are intensifying. The New York Times said that against this background, a group of senior officials from the Biden administration went to Shanghai to attend the meeting in order to "maintain the stability of economic relations between the two sides."

Lu Xiang, an expert on American issues at the Chinese Academy of Social Sciences, told Observer.com on August 17 that various U.S. policies are currently facing great uncertainty. The Biden administration does not have much time left, and it is difficult to expect it to introduce major policies. However, if pragmatic discussions on relevant issues in some specific areas can be conducted, it will help maintain stability in Sino-U.S. relations.

What did China and the United States talk about?

The China-US Financial Working Group is a financial exchange mechanism between the two countries established under the guidance of the heads of economic and trade relations between China and the United States to implement the important consensus reached by the two heads of state during their meeting in Bali.

In September 2023, China and the United States established economic working groups, including the "Economic Working Group" and the "Financial Working Group". The "Economic Working Group" is led by deputy ministerial officials from the finance ministries of China and the United States, and the "Financial Working Group" is led by deputy ministerial officials from the People's Bank of China and the U.S. Treasury Department. The two working groups will hold regular and irregular meetings to strengthen communication and exchanges on issues related to the economy and finance.