ALBAWABA - The US administration said Monday that top US officials will be visiting China this week, in an attempt to maintain relations between the world's two largest countries stable, considering that trade tensions have been rising.
The U.S.-China Financial Working Group, which was established last year, is organizing the discussions, which are scheduled for this Thursday and Friday, according to New York Times. The agenda items include financial stability, cross-border data difficulties, and the battle against fentanyl.
The U.S. delegation, led by Brent Neiman, Treasury’s deputy undersecretary for international finance, will be accompanied by representatives from the Federal Reserve and the Securities and Exchange Commission. The financial working group will be co-led by Xuan Changneng, deputy governor of the People’s Bank of China.
China has been under pressure from the Biden administration to take measures in order to stop the export of chemicals used in the production of fentanyl to other nations and their smuggling into the United States. This month, China revealed plans to impose further limitations on three of these compounds, a development that the US hailed as a "valuable step forward," as reported by NYT.
During her April visit to China, Treasury Secretary Janet L. Yellen also put pressure on Chinese authorities to cease flooding international markets with low-cost renewable energy goods, announcing that China's surplus industrial capacity would disrupt global supply chains.
Brent Neiman commented on the visit, saying “we intend for this F.W.G. meeting to include conversations on financial stability, issues related to cross-border data, lending and payments, private-sector efforts to advance transition finance, and concrete steps we can take to improve communication in the event of financial stress.”
