Top officials from China and the United States convened in Nanjing, the capital of east China’s Jiangsu Province, for the seventh meeting of the China-US Financial Working Group from December 15 to 16, as announced by China’s central bank on Tuesday.
The meeting was co-chaired by Xuan Changneng, deputy governor of the People’s Bank of China (PBOC), and Brent Neiman, assistant secretary for international finance at the US Department of the Treasury. Financial regulators from both countries participated, including the National Financial Regulatory Administration and the China Securities Regulatory Commission from the Chinese side, and the Federal Reserve and the Securities and Exchange Commission from the US side.
According to a statement from the PBOC, both sides engaged in professional, pragmatic, candid, and constructive discussions on a wide range of topics. These included macroeconomic and financial developments, monetary policy, financial stability, financial regulation and supervision, international financial institutions, capital markets, anti-money laundering, and countering the financing of terrorism. They also exchanged views on other financial policy topics.
The delegations were briefed on previous technical exercises, such as balance of payments compilation and climate modeling, highlighting a mutual commitment to transparency and cooperation in addressing global financial challenges.
During the meeting, China’s National Financial Regulatory Administration and the US Federal Insurance Office updated a memorandum of understanding to facilitate enhanced communication and cooperation relating to the insurance sector. This development signifies a positive step towards deeper bilateral engagement in financial regulation and oversight.
High-level dialogues like this between China and the United States play a crucial role in fostering mutual understanding and stability in global financial markets. As the world’s two largest economies, their collaborative efforts have significant implications for international economic development and financial security.
Reference(s):
cgtn.com
