China-U.S. economic working group holds its first meeting via video link

As agreed on by Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Janet Yellen in July, the China-U.S. economic working group held its first meeting via video link on Tuesday, according to China's Ministry of Finance.

Headed by vice-ministerial level finance officials, the two sides held in-depth, frank and constructive communication over macroeconomic situation and policy of both countries and the world, bilateral economic ties and cooperation to tackle global challenges, the finance ministry said in a statement posted on its website on Tuesday.

The Chinese side expressed its concerns, while both sides agreed to continue to communicate, read the statement.

In September, China and the U.S. agreed to set up two working groups for economic and financial matters in what observers say is a major step that could help put the brakes on a downward spiral in bilateral ties following a number of high-level exchanges between officials that saw Yellen and U.S. Commerce Secretary Gina Raimondo visiting China.

The meetings will be held at different intervals to strengthen exchanges on economic and financial matters. The economic working group is led by vice-ministerial officials from the Ministry of Finance of China and the U.S. Treasury Department. The financial working group is led by vice-ministerial officials from the People's Bank of China (PBC), the country's central bank, and the U.S. Treasury Department.

The formation of these working groups builds on the consensus reached between Yellen and He during her trip to Beijing in July this year.