US and China officials to meet in Beijing this week, furthering economy talks

US and Chinese officials will hold talks on economic issues in Beijing this week, in the latest round of re-engagement between the world’s two largest economies.

A five-person delegation from the US Treasury will meet Chinese counterparts, according to a Treasury official who asked not to be named.

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The discussions mark another round of the “economic working group” established last year, and will cover topics including the macroeconomic outlook, the two countries’ investment-screening regimes and coordination on debt and climate change, the official said.

The talks are part of a broader effort by the Biden administration to maintain channels of communication with its key geopolitical rival, especially on shared challenges, while also pursuing policies to protect its national security.

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Yellen met her counterpart Vice-Premier He Lifeng in San Francisco in November, ahead of the presidential summit, and said she plans to visit China again this year. She has argued that it is crucial to engage in ways that could prevent a wide range of potential crises – from diplomatic to financial.

This week’s Treasury delegation, which will be led by Undersecretary for International Affairs Jay Schambaugh, plans to have frank conversations around China’s use of non-market economic practices and industrial overcapacity, the Treasury official said.