Unraveling the Final Economic Dialogues between US and China

Meeting in Johannesburg: A Platform for Discussions

The US Treasury announced on Monday that senior officials from both Washington and Beijing engaged in two working group meetings in recent days. These meetings took place on the sidelines of the Group of 20 deputies' meeting in Johannesburg, South Africa. Jay Shambaugh, Treasury's undersecretary for international affairs, and Liao Min, China's vice-minister of finance, co-led the economic working group.

During this gathering, various economic and financial issues were discussed. It provided a crucial platform for both sides to express their concerns and perspectives. The US voiced its worries about China's "nonmarket practices and industrial overcapacity" and their perceived impact on American workers and companies. Additionally, there were concerns raised about Chinese firms' alleged support for Russia's defence industrial base during the Ukraine war.

Chinese Finance Ministry's Perspective

The Chinese finance ministry's read-out of the meeting shed light on Beijing's position. It clarified China's stance on economic and trade issues while also raising its own concerns about American trade restrictions against China. This exchange of views was essential in understanding the differences and potential areas for negotiation between the two nations.

These working-group meetings serve as a significant milestone in the ongoing economic relationship between the US and China. The outcomes and discussions from these meetings will likely have a lasting impact on trade policies, economic cooperation, and the overall stability of the global economy.