The U.S. and China have established Economic and Financial Working Groups to address geopolitical and trade tensions
These Working Groups aim to facilitate discussions on economic and financial policy matters
Secretary of the Treasury Janet Yellen and Vice Premier He Lifeng will lead the Working Groups
The formation of these groups follows a consensus reached during Yellen's visit to Beijing in July
President Joe Biden directed deeper communication between the U.S. and China following his meeting with President Xi Jinping
The Economic Working Group will be led by the U.S. Department of the Treasury and China's Ministry of Finance
The Financial Working Group will be led by the U.S. Department of the Treasury and the People's Bank of China
The groups will meet regularly and report their progress to Yellen and He
U.S.-China relations have faced challenges, including issues related to Taiwan and trade
Geopolitical tensions and economic uncertainties have affected U.S. investments in China, leading to decreased optimism among American companies