Biden Administration Officials To Travel To China For Economic Talks

New York Times reporting that a high-level Biden administration delegation of Treasury Department officials will travel to Beijing, China this week for a series of economic talks with Chinese officials, understood to be the first meeting of a US-China economic working group formed in September last year.

• According to the Times, "the two days of meetings would include “frank conversations” about China’s use of nonmarket economic practices like government subsidies. The U.S. officials also plan to discuss concerns about industrial overcapacity, which could flood international markets with cheap products," adding that, "more broadly, the two governments will discuss the macroeconomic outlooks for their countries..."
• The US delegation will be headed by under secretary for international affairs, Jay Shambaugh, and may lay the groundwork for Treasury Secretary Janet Yellen to travel to Beijing in the Spring.
• Should the working group go ahead it would provide a second significant marker in the re-establishment of financial and economic relations between the two powers, following meetings to discuss narcotics controls in Beijing last week.