The United States and the People’s Republic of China convened for the seventh meeting of the Economic Working Group in Johannesburg on December 12. This meeting took place alongside the G20 Deputies Meeting and was 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.
Discussions centered around macroeconomic developments in both nations, with a particular focus on China’s newly announced stimulus policy package. Both parties exchanged views on cooperative efforts, including addressing debt issues and supporting low-income countries dealing with liquidity challenges. The U.S. delegation voiced ongoing concerns regarding China’s nonmarket practices and industrial overcapacity, emphasizing their effects on American workers and businesses. Additionally, the United States raised issues about certain Chinese firms’ support for Russia’s defense industrial base.
The Economic Working Group (EWG) serves as a communication channel between these two major global economies. It aims to stabilize their relationship by reducing the risk of miscommunication or unintended escalation.
