Beijing: China's Ministry of Finance (MOF) announced on Friday that China and the United States have jointly decided to establish two working groups in the economic field. This move is in alignment with the common understandings reached between the two countries' presidents during their meeting in Bali and follows the consensus reached by He Lifeng, Chinese Vice Premier and Chinese lead person for China-U.S. economic and trade affairs, and U.S. Treasury Secretary Janet Yellen.

These two working groups will focus on the economic and financial sectors. The economic working group will be co-chaired by vice-ministerial officials from the MOF and the U.S. Treasury Department, while the financial working group will be co-chaired by vice-ministerial officials from the People's Bank of China and the U.S. Department of the Treasury.

The primary objective of these working groups is to facilitate regular and ad-hoc meetings, fostering stronger communication and exchanges on economic and financial matters between China and the United States. This development represents ongoing efforts to strengthen economic ties and cooperation between the two nations.