Photo: CFP

China's central bank governor Pan Gongsheng met with US Treasury Secretary Janet Yellen on Friday to exchange views on various issues, including how to make the China-US financial working group mechanism "substantive and productive."

This meeting signifies that dialogue between China and the US has transitioned into a substantive stage since the two countries launched economy and finance working groups on September 22 to stabilize ties, according to an expert.

The meeting took place during the annual meetings of the IMF and the World Bank in Marrakech, Morocco, according to a press release published on Friday evening on the website of the People's Bank of China (PBC).

The two sides exchanged views on economic and financial issues of common concern such as the economic and financial situation of the two countries and the world, the debt issues of developing countries, and the review of quotas of the IMF, and discussed related matters of the China-US financial working group, the PBC said.

Separately, a news release from the US Department of Treasury stated that this was "a substantive and productive meeting."

"They discussed the international financial architecture and debt issues, as well as how to make the financial working group co-chaired by Treasury and the PBC substantive and productive," the statement read.

The dialogue between the PBC Governor and US Treasury Secretary is a sign that the implementation of enhancing bilateral dialogue under the economy and finance working groups mechanism is entering the substantive stage, He Weiwen, senior fellow of the Center for China and Globalization, told the Global Times on Saturday.

China and the US announced the establishment of an economic working group on September 22, which includes an economic and financial working group. The working groups will hold regular and irregular deputy ministerial-level meetings, signaling the two countries are seeking to stabilize bilateral ties.

There has been a noticeable acceleration in ministerial meetings, visits by legislators, and exchanges between think tanks between China and the US as the APEC summit in November approaches, He said.

This week, a US congressional delegation led by Senate Majority Leader Chuck Schumer visited China, while a US delegation arrived in Beijing to participate in the China-US Track 2 economic dialogue.

Bilateral exchanges between China and the US are strengthening, which is necessary to manage their differences and should be encouraged, He said, adding that it is not possible for China and the US to resolve all issues through a few rounds of dialogue, but both sides should persist in enhancing high-level exchange.

Global Times