U.S. & China officials to hold economic meetings

The U.S. government said on Monday that senior American officials will be visiting China this week in an effort to maintain stable ties between the two largest economies in the world despite ongoing trade concerns.

The purpose of the trip to Shanghai is to have meetings under the auspices of the Financial Working Group (FWG), which was established last year. The parties involved are expected to deliberate on financial stability, cross-border data difficulties, and the war against fentanyl.

The US delegation will be led by Brent Neiman, deputy under secretary for international finance at Treasury, at the working group meetings on Thursday and Friday.

Participants from the Federal Reserve and Securities and Exchange Commission will join Treasury officials. Xuan Changneng, deputy governor of the People's Bank of China, co-leads the financial working group.

"We intend for this FWG 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," Neiman stated.

This will be the finance working group's sixth meeting and its second round in China.

The committee, which was established in 2023 alongside an economic working group, reports directly to Chinese Vice Premier He Lifeng and Yellen.