David Lebryk, Fiscal Assistant Secretary U.S. Department of the Treasury | https://home.treasury.gov
The United States and the People’s Republic of China held the fifth meeting of the Economic Working Group (EWG) on September 19-20 in Beijing. This was the second EWG held in China.
Over two days, senior officials from the U.S. Department of the Treasury and China’s Ministry of Finance convened for discussions joined by participants from other agencies. The discussions opened with an exchange of views on policies supporting balanced growth in domestic and global economies. U.S. officials continued discussions on issues raised during Secretary Janet L. Yellen’s visit to China in April, including increasing overcapacity in certain sectors of the Chinese economy, China’s non-market policies and practices, their impact on U.S. workers and firms, as well as Chinese firms’ support for Russia’s war in Ukraine. The sessions concluded with both sides sharing views on domestic macroeconomic outlooks and discussing areas of cooperation, including debt issues and financing challenges in emerging and developing economies.
While in Beijing, the Treasury delegation met with Vice Premier He Lifeng, emphasizing that Secretary Janet L. Yellen is pleased with the role the EWG plays in maintaining stability in the bilateral economic relationship by providing a resilient channel of communication on both areas of concern and areas for further cooperation.
The EWG is one of two working groups formed by Secretary Yellen and Vice Premier He Lifeng last September. The EWG is co-led by Jay Shambaugh, Under Secretary for International Affairs at the U.S. Treasury, and Liao Min, Vice Minister of Finance at China’s Ministry of Finance. The EWG reports directly to Secretary Yellen and Vice Premier He.
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