The U.S. Department of the Treasury announced the establishment of a new working group to exchange views on economic and monetary policy with China.
As the confrontation over advanced technologies such as semiconductors continues, the focus is on whether we can improve relations.
The U.S. Department of the Treasury announced on May 22 that it has established two working groups on the economy and finance with China.
These working groups were agreed upon by Treasury Secretary Yellen when she met with He Lifeng, Vice Premier in charge of economic and trade negotiations with the United States, in Beijing, China's capital, in July.
The economic working group will be led by the U.S. and Chinese Treasuries, while the finance will be led by the U.S. Treasury and the People's Bank of China, and each will hold regular vice-ministerial-level meetings to report to Treasury Secretary Yellen and Vice Premier He.
While the U.S. and China continue to confront each other over advanced technologies such as semiconductors, Treasury Secretary Janet Yellen and Commerce Secretary Remondo have visited China one after another, emphasizing the importance of continuous communication between the two countries.
However, the confrontation is deep-rooted, as in August, Secretary Remondo stated that he "has no intention of changing or negotiating on export restrictions on semiconductor products and other products, and that national security issues are non-negotiable," and the focus is on whether we can improve relations by continuing dialogue.