China and the United States have achieved important results in the economic and financial fields

Chinese Vice Minister of Finance Liao Min recently briefed the media on the visit of US Treasury Secretary Yellen to China and answered questions from reporters.   During this period, the Chinese side held multi-level and multi-disciplinary talks and exchanges with Finance Minister Yellen.

Liao Min emphasized the meeting between Vice Premier He Lifeng of the State Council and Finance Minister Yellen.   Both sides unanimously agree to jointly implement the important consensus of the two heads of state, continuously strengthen communication and cooperation in the economic and financial fields, strive to create a favorable environment for two-way trade and investment activities of enterprises in the two countries, and promote the healthy and stable development of China US economic relations.

Liao Min stated that China and the United States are the top two economies in the world. Deepening communication, coordination, and mutually beneficial cooperation in economic and financial policies is of great significance for maintaining economic and financial stability between the two countries and the world, and promoting post pandemic economic recovery and development. China has always maintained an open and positive attitude towards this. Through in-depth consultations and discussions between China and the United States, important consensus has been reached in the economic and financial fields.

In terms of economy, both sides have agreed to hold in-depth discussions on the issue of balanced growth between the two countries and the global economy through bilateral channels, which is also in line with the policy goals and practices of China's economic transformation and high-quality development. The economic complementarity between China and the United States is strong, and the essence of economic and trade relations is mutual benefit and win-win. Both sides are willing to further strengthen exchanges and cooperation in the economic field, which is of great significance for stabilizing bilateral economic relations and enhancing the well-being of enterprises and people in both countries. Under multilateral channels, the current global economy continues to experience high debt, high inflation, high interest rates, and low growth, with emerging markets and developing countries being significantly affected by spillovers. As the top two economies in the world, China and the United States have agreed to maintain communication through multilateral channels such as the G20 on issues related to developing country debt management and international financial institution reform, in order to jointly address global challenges and strengthen cooperation.

In terms of finance, both sides agree to continue exchanging and cooperating on topics such as financial stability, sustainable finance, anti money laundering, and counter-terrorism financing. Deepening exchanges and cooperation between China and the United States on the above-mentioned issues through multiple bilateral channels such as the Financial Working Group and G20 is conducive to releasing positive signals of China US cooperation in addressing global challenges, and will have important practical significance for maintaining global financial stability and promoting green transformation and development.

Liao Min stated that regarding the next steps, in accordance with the instructions of the leaders of both sides, the working teams of both sides will continue to promote the implementation of consensus under the economic and financial working groups. The fourth meetings of the two working groups are scheduled to be held in mid April in the United States.