The United States and the People’s Republic of China held the sixth meeting of the Economic Working Group (EWG) in Washington on the sidelines of the IMF-World Bank Annual Meetings on October 25th, co-led by Jay Shambaugh, Under Secretary for International Affairs at the U.S. Treasury, and Liao Min, Vice Minister of Finance at China’s Ministry of Finance.
The two sides discussed recent macroeconomic policy developments in the United States and China, including China’s recently announced stimulus measures. The two sides also discussed areas of cooperation including how to support low-income countries facing liquidity challenges. The U.S. side continued to raise concerns related to China’s industrial overcapacity and its impact on U.S. workers and firms.
U.S Secretary of the Treasury Janet L. Yellen also received a brief update from the EWG on its discussions. She emphasized the importance of the EWG as a resilient channel of communication between the U.S. and China.
The EWG is one of two working groups formed by Secretary Yellen and Vice Premier He Lifeng of the People’s Republic of China last September. The EWG reports directly to Secretary Yellen and Vice Premier He.