According to the US government, the USA and China want to set up two working groups in the economic sector to reduce tensions. US Treasury Secretary Janet Yellen announced in Washington that there would be a working group on the economy and another on finance. In the future, there should be “continuously structured channels for open and substantive discussions” and exchange of information. There will therefore be regular meetings at ministerial level. It is an “important step forward in our bilateral relations,” emphasized Yellen.
Relations between the US and China have been at a low point for some time – despite recent visits by high-ranking US officials to China. China’s support for Russia’s war in Ukraine and threats against Taiwan are causing controversy. Most recently, US President Joe Biden announced that he would restrict certain US investments in future areas such as semiconductors and artificial intelligence in China. US Secretary Yellen traveled to Beijing in July. Last weekend, US National Security Advisor Jake Sullivan and China’s chief diplomat Wang Yi met in Malta. It is possible that there could be a meeting between Biden and China’s head of state and party leader Xi Jinping at the Asia-Pacific Summit (APEC) in San Francisco in November. However, there is currently no confirmation of such a meeting. The two last met last year on the sidelines of the G20 summit in Indonesia.