China-U.S. economic working group holds 'candid, in-depth and constructive'talks

The China-U.S. economic working group held the 7th meeting on December 12 in Johannesburg, South Africa, during which the two sides had candid, in-depth and constructive communication over macroeconomic situations and policies of the two countries and other topics of global challenges, according to China's Ministry of Finance on Monday.

China's Vice Minister of Finance, Liao Min, co-chaired the seventh meeting of the China-U.S. Economic Working Group with Jay Shambaugh, the Under Secretary for International Affairs at the U.S. Department of the Treasury, during the G20 Finance and Central Bank Deputies Meeting in Johannesburg.

In addition to macroeconomic situations and policies of the two countries, the two sides also had candid, in-depth and constructive communication about joint efforts to help low-income countries tackle liquidity problems, reform of multilateral development bank governance and other topics about global challenges.

Moreover, during the meeting, the Chinese side clarified its position on relevant economic and trade issues and expressed concern about the recent U.S. economic and trade restrictions against China.

Gao Lingyun, an expert at the Chinese Academy of Social Sciences in Beijing, said that in line with previous meetings of the China-U.S. economic working group, officials focused on topics such as macroeconomic policies and China's concerns about the U.S.' trade crackdown measures.

"The main point of the meeting is likely to take stock of [the meetings held under the working group]," Gao told the Global Times on Monday, noting that this could be the last meeting of this specific working group as a new U.S. administration is set to take over soon.

The last meeting of China-U.S. economic working group was held in Washington in October.

The Chinese expert further pointed out that the Chinese side has maintained and will likely maintain the stance of being open to dialogue with the U.S., while resolutely opposing the U.S.' crackdowns.

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

In another positive development, on Friday, China and the U.S. signed a protocol to amend and extend the Agreement Between the United States and China on Cooperation in Science and Technology, and have agreed to extend the Agreement for additional five years, effective from August 27, 2024.

Commenting on the signing of the protocol at a press briefing on Monday, Lin Jian, a spokesperson for the Chinese Foreign Ministry, said that the agreement has been a strong buttress for scientific exchange and cooperation between the two countries. and the extension is in the interest of both peoples, and what the international community hopes to see.

It will not only contribute to both countries' science and technology advancement and socioeconomic development, but also enable China and the U.S. to respond to global challenges together, which will in turn benefit people around the world, Lin said.

We hope the U.S. will work with China to earnestly implement the agreement so that the two sides' cooperation in science and technology can truly deliver for both countries and the world, Lin said.

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

Gao said that while the U.S. has relentlessly pushed for crackdown measures, there also remains room for dialogue and cooperation, and China will treat efforts for dialogue and cooperation with courtesy, but take measures to safeguard its interests if the U.S. continues to implement crackdown measures.