The U.S. announced on Friday the establishment of two economic working groups with China, as part of a bilateral effort to ease tensions between the two nations.
According to a press release from the Treasury, the Chinese Ministry of Finance, the U.S. Treasury Department, and the People’s Bank of China will lead the groups, with Treasury Secretary Janet Yellen and Vice Premier He Lifeng leading the way.
The groups will convene on a regular basis to facilitate frank discussions on economic and financial matters. They will also exchange information on macroeconomic and financial developments, as outlined in the release.
Despite ongoing tensions over Taiwan and South China Sea trade routes, the Biden administration has been downplaying its rivalry with Beijing. President Joe Biden recently expressed that the U.S. does not seek to harm China during his visit to Vietnam earlier this month.
“We’re all better off if China does well, if China abides by international rules,” Biden stated.
Furthermore, NBC News reported that the White House requested America’s ambassador to Japan, Rahm Emanuel, to refrain from social media posts that could antagonize Chinese President Xi Jinping and other government officials. The National Security Council warned embassy staff that these posts could undermine the Biden administration’s efforts to mend relations with China.
In an attempt to foster cooperation, Yellen and other senior administration officials have visited China and engaged in high-level meetings. These interactions have focused on areas such as climate change and artificial intelligence.
Last weekend, National Security Adviser Jake Sullivan met with Chinese Foreign Minister Wang Yi in Europe, highlighting the improving communication between the two countries.
During her visit to China in July, Yellen emphasized the importance of finding a path that avoids conflict between the two nations. She also dismissed the notion that the U.S. seeks to completely separate its economy from China.
“There is a significant distinction between decoupling and diversifying critical supply chains or implementing targeted national security measures,” she stated at the time.
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