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By Kanishka Singh

WASHINGTON (Reuters) -Officers from america and China on Monday held a two-hour lengthy digital assembly to debate home and world macroeconomic developments, the U.S. Treasury Division stated, calling the assembly “productive and substantive”.

THE TAKE

Ties between the world’s two largest economies have been strained in recent times resulting from quite a lot of points together with Taiwan, the origins of the COVID-19 pandemic, allegations of spying, human rights points and commerce tariffs.

Senior officers from each side have been assembly one another in latest months to put the bottom for an anticipated assembly between U.S. President Joe Biden and Chinese language chief Xi Jinping in San Francisco in November.

KEY QUOTES

“At the moment, america and the Folks’s Republic of China held the primary assembly of the Financial Working Group (EWG), which serves as an ongoing channel to debate and facilitate progress on bilateral financial coverage issues,” the Treasury Division stated.

China’s finance ministry stated the 2 sides had “in-depth, frank and constructive” talks, and likewise mentioned bilateral cooperation in “addressing world challenges”.

Either side will proceed to keep up communication, the ministry stated.

U.S. and Chinese language officers additionally raised “areas of concern,” statements from the 2 sides stated, with out elaborating. The assembly was led by senior officers from the U.S. Treasury Division and China’s finance ministry.

The EWG was launched final month following U.S. Treasury Secretary Janet Yellen’s journey to Beijing in July. It was launched in parallel with a monetary working group, which is able to maintain its first assembly on Wednesday.

CONTEXT

The financial assembly follows different high-level engagements between the 2 international locations in latest months which have seen visits from U.S. officers to China like Secretary of State Antony Blinken in June, Yellen in July and Commerce Secretary Gina Raimondo in August.

Extra lately, Blinken met Chinese language Vice President Han Zheng in New York and U.S. Nationwide Safety Adviser Jake Sullivan met Chinese language Overseas Minister Wang Yi in Malta. China’s high diplomat will journey to america later this week to satisfy Blinken.

(Reporting by Kanishka Singh in Washington, Liz Lee and Ethan Wang in Beijing; Enhancing by Christian Schmollinger and Miral Fahmy)

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