The U.S. and China are establishing two working groups to discuss economic and financial issues, the latest sign of a thaw in relations between the world’s largest economies.
The groups "will provide ongoing structured channels for frank and substantive discussions on economic and financial policy matters, as well as an exchange of information on macroeconomic and financial developments,” the U.S. Treasury Department said in a statement Friday.
Meetings will be held regularly at the vice-minister level, with officials reporting back to Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng, according to the Treasury. That framework is notably less extensive than the bilateral forums earlier this century, when gatherings featured multiple Cabinet members and spanned a wide array of subject matters.