BEIJING: Chinese officials are expected to express concerns over US’ growing economic and trade restrictions against China and urge the US to stop politicizing trade issues, Chinese experts said, as Chinese and US officials reportedly kicked off a new round of financial talks.
While neither China nor the US has publicly announced the dates for the fifth meeting of the bilateral Financial Working Group, several US media outlets, citing US Treasury Department officials, have reported that the meeting was scheduled to take place on Thursday and Friday in Shanghai, where the two sides will reportedly focus on macroeconomic policies and financial stability, among other topics.
Amid growing concerns over the global economy, the new round of talks would send a positive signal that the world’s biggest economies are continuing communications amid growing tension. However, as Washington continues to intensify its crackdown campaign against Chinese products and businesses, China will firmly push back against US’ crackdowns and steadfastly promote high-quality development at its own pace, experts said.
There was no official information released about the reported meeting in Shanghai as of press time on Thursday. Still, in line with the US’ long-standing practice ahead of talks with China, US officials have revealed their intensions for the upcoming meeting to US media outlets. A US Treasury Department spokesperson was quoted by Bloomberg as saying the talks will focus on issues including macroeconomic and financial stability, governance of the International Monetary Fund and capital markets issues.
The topics are in line with those covered by the Financial Working Group, which was established last year and has held four meetings so far. The fourth meeting, which was held in April in Washington DC, also focused on monetary policies of the two countries and financial stability, according to an official Chinese statement at the time.
“The China-US Financial Working Group is part of arrangements made to enhance communication in line with the consensus reached by the leaders of the two countries. Specific topics for discussions depend on the prevailing economic and financial situation, as well as the concerns of the two sides,” Zhao Xijun, co-president of the China Capital Market Research Institute at the Renmin University of China, told the Global Times.
The fifth meeting comes as global markets are becoming increasingly concerned over the US economy. Recent disappointing economic indicators from the US, including the country’s unemployment rate, which rose to 4.3 percent in July, the highest since 2021, have rattled global markets. And some expect a slowdown and even a potential recession in the US economy.
Against such a backdrop, the US’ focus on financial stability is within expectations, experts said. Notably, US Assistant Secretary of Treasury for International Finance Brent Neiman, who co-leads the group with his Chinese counterpart, said the US intended for the meeting to include conversations on “concrete steps we can take to improve communication in the event of financial stress.” –The Daily Mail-Global Times news exchange item
