US-China Economic Working Group Meets in Beijing... China Raises Concerns Over US Tariffs

The financial authorities of the U.S. and China held an economic working group meeting in Beijing to discuss bilateral economic issues.

On the 6th, China's Ministry of Finance announced that the economic working meeting, chaired by Deputy Minister (Vice Minister) Liao Min of the Ministry of Finance and Jay Shambaugh, U.S. Treasury Deputy Assistant Secretary for International Affairs, was held in Beijing, China, on the 5th and 6th. Lan Foan, Minister of Finance of China, also attended the meeting and met with U.S. officials.

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The Chinese Ministry of Finance explained, "China and the U.S. conducted deep, candid, practical, and constructive exchanges on agendas including the macroeconomic situation and policies, G20 fiscal and financial cooperation, debt issues of developing countries, and industrial policies, in accordance with the joint understanding of the leaders of both countries in San Francisco." It also stated, "China raised concerns regarding the U.S.'s increased tariffs on China, bilateral investment restrictions, and sanctions and suppression of Chinese companies," and added, "Both sides agreed to continue communication."

The U.S. Treasury Department reported in a post-meeting press release that the meeting included an exchange of views on macroeconomic outlooks and discussions on common challenges such as debt issues in low-income and emerging economies. In particular, concerns about China's industrial policy practices, overproduction, and the resulting impact on U.S. companies and workers were conveyed. The Treasury stated that the U.S. seeks a healthy economic relationship that provides a level playing field for U.S. companies and workers, rather than economic decoupling between the U.S. and China.

The bilateral economic working group was launched in September last year following U.S. Treasury Secretary Janet Yellen's visit to China in July of the same year. Both sides plan to hold another meeting in April.

Meanwhile, He Lifeng, Vice Premier of the State Council overseeing China's economic policy, separately met with Deputy Assistant Secretary Shambaugh in Beijing on the 6th. According to China's state-run Xinhua News Agency, Vice Premier He emphasized at the meeting, "Both countries should make good use of the China-U.S. economic working group to deepen exchanges and cooperation, accumulate achievements, stabilize and develop China-U.S. economic relations, and make enterprises and people of both countries happier." The U.S. delegation expressed hope that Secretary Yellen would visit China again within the year.

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