The United States and the People’s Republic of China convened for the sixth meeting of the Economic Working Group (EWG) in Washington on October 25. This meeting took place alongside the IMF-World Bank Annual Meetings and was 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.
Discussions between the two nations covered recent macroeconomic policy developments, with a particular focus on China's newly announced stimulus measures. Additionally, both parties explored avenues for cooperation to support low-income countries grappling with liquidity challenges. The United States reiterated its concerns regarding China's industrial overcapacity and its repercussions on American workers and businesses.
U.S. Secretary of the Treasury Janet L. Yellen received an update from the EWG about their discussions. She underscored "the importance of the EWG as a resilient channel of communication between the U.S. and China."
The EWG is one of two working groups established by Secretary Yellen and Vice Premier He Lifeng last September. This group reports directly to Secretary Yellen and Vice Premier He.
