A view of the PBC's headquarters in Beijing Photo: cnsphoto

The China-US financial working group held its seventh meeting in Nanjing, East China's Jiangsu Province from Sunday to Monday, during which the two sides had "professional, pragmatic, candid and constructive" discussions on a range of topics including macroeconomic situations and monetary policies of the two countries, financial stability and oversight, the People's Bank of China (PBC), China's central bank, said on Tuesday.

The meeting was co-chaired by PBC Deputy Governor Xuan Changneng and Assistant Secretary Brent Neiman of the US Department of the Treasury, and included participation from relevant financial regulators, such as the National Financial Regulatory Administration, the China Securities Regulatory Commission on the Chinese side, and the Federal Reserve and the Securities and Exchange Commission on the US side, according to a post on the website of China's central bank. 

The two sides had professional, pragmatic, candid and constructive discussions on topics ranging from China's economic work plan for 2025, as outlined by the meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee and the Central Economic Work Conference, the two countries' macroeconomic and financial developments, monetary policy, financial stability, financial regulation and supervision, international financial institutions, capital markets, and anti-money laundering and countering the financing of terrorism (AML/CFT), the PBC said. They also exchanged views on other financial policy topics.

In addition, the two sides were briefed on the previous technical exercises, including Balance of Payments compilation and climate modeling. The two sides held a meeting with local officials and regulators. The Chinese side also raised issues of concern to the US side.

As an outcome of the meeting, the National Financial Regulatory Administration and the Federal Insurance Office updated a memorandum of understanding (MOU) on facilitating communication and cooperation relating to the insurance sector.

The PBC said since its establishment, the Financial Working Group has facilitated professional and pragmatic communications between the two sides. It contributes to a stable China-US relationship and helps preserve international financial stability, a shared global public good.

The last meeting of China-US financial working group took place in Washington in October. 

The latest financial working group meeting came after the China-US economic working group held its seventh meeting on December 12 in Johannesburg, South Africa, during which the two sides engaged in candid, in-depth, and constructive discussions on macroeconomic policies, bilateral economic situations, and global challenges.

The two meetings are part of continuous positive engagements between the two sides under the established bilateral communication mechanisms. 

It also took place amid another positive development which saw the two sides on Friday amend and extend the US-China Agreement on Cooperation in Science and Technology for another five years.

On Thursday, a spokesperson for the Chinese Ministry of Commerce (MOFCOM) said that China has maintained close communication with the team from the US Department of Commerce through the established bilateral communication mechanisms and is also open to engaging with the new US administration's economic and trade team.

Meanwhile, China has also firmly responded to the US' economic and trade restrictions. On Monday, the MOFCOM urged the US to immediately correct its wrongdoings and withdraw the tariffs on China, vowing to take necessary measures to safeguard its rights and interests after the US announced plans to raise import tariffs on certain tungsten products, polysilicon and other products from China.

Global Times