United States and China join hands to launch economic and financial working groups with aim of easing tensions

The U.S. Treasury Department and China’s Ministry of Finance came together in an attempt to launch a pair of economic working groups on Friday in an effort to ease tensions and deepen ties between the nations.

The initiative led by Vice Premier He Lifeng and Treasury Secretary Janet Yellen, the working groups will be divided into economic and financial segments.

Sharing the details regarding the announcement, Yellen stated that the working groups will work towards establishing a durable communication between two of the largest economies of the world. In the series of her tweets, she added that the groups will “serve as important forums to communicate America’s interests and concerns, promote a healthy economic competition between our two countries with a level playing field for American workers and businesses.”

This announcement comes after the string of high-ranking administration officials visiting the Asian countries, which in turn set the stage for American President Joe Biden’s meeting with his Chinese counter-part Xi Jinping, in November at an Asia-Pacific economic conference in San Francisco.