WASHINGTON – Following the first meeting of the Economic Working Group on Monday, the United States and the People’s Republic of China today held the first meeting of the Financial Working Group (FWG), which serves as an ongoing channel for both countries to discuss financial policy matters and cooperation on common challenges. The two-hour virtual meeting included a substantive and wide-ranging discussion on domestic and global financial stability, financial supervision and regulation, sustainable finance, and anti-money laundering and countering the financing of terrorism (AML/CFT). U.S. officials also frankly raised areas of disagreement. The meeting was led by senior officials from the U.S. Department of the Treasury and the People’s Bank of China, with participation by other regulatory agencies.
The FWG was launched last month alongside the Economic Working Group, following Secretary Janet L. Yellen’s trip to Beijing in July. These working groups carry out President Biden’s directive last year to deepen communication between the two countries. Both working groups report directly to Secretary Yellen and Vice Premier He Lifeng.