The Economic Working Group of the U.S. and China met Monday and Tuesday in Beijing to discuss trade concerns and broader economic issues.
The meeting was the third since last September and involved senior officials from the U.S. Department of Treasury and China's Ministry of Finance, among other agencies.
According to a statement released Tuesday by Treasury, the U.S. and Chinese officials discussed "views on domestic macroeconomic outlooks," as well as other shared concerns such as debt in low-income and emerging economies.
U.S. officials also voiced their concerns about China's industrial overcapacity and how it affects workers and companies in the United States.
Overcapacity refers to China's increased investments into their manufacturing sector, which are expected to push production levels far above domestic demand.
According to an Atlantic Council analysis in December, "These trade flows will exacerbate the tense trading relationship it has with economies like the United States and the EU, who are also fostering domestic industries and jobs producing many of those same products."
Despite this, the U.S. delegation said it does not wish to decouple economies but instead to continue a strong and healthy economic relationship that will provide "a level playing field for American companies and workers."
Chinese Ministry of Finance officials expressed their own concerns, primarily regarding increased tariffs imposed by the U.S. and "two-way investment restrictions and sanctions targeting Chinese companies," according to Chinese state media.
The working group was established in September 2023 by U.S. Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng to maintain a healthy economic relationship between the U.S. and China amid rising economic tensions.
The recent meeting was the first of 2024 and the first to be held in China.
Yellen last met with He in November for trade talks.
The group agreed to meet again in April.
