February** Dynamic Incentive Program
In 2024, the relationship between China and the United States will usher in another turning point, and the US treasury team will soon arrive in Beijing to kick off the third round of economic drama between China and the United States. The outside world is full of expectations and uncertainties.
In July last year, Yellen set foot on Chinese soil, injecting a shot in the arm for U.S.-China relations. At that time, the two countries announced the establishment of an economic and financial working group aimed at sustaining various economic and financial policy issues. The U.S. financial delegation once again set foot on Chinese soil, paving the way for Yellen's upcoming visit to China.
According to people familiar with the matter, Jay Chambeaugh, the US Treasury Department's undersecretary for international affairs, will personally lead a five-member delegation to have a candid dialogue with the Chinese side. This is the third face-to-face meeting since the establishment of the Economic Working Group, and the first time it has been held in Beijing, which shows that the two sides are very willing to negotiate.
The high-level economic dialogue will focus on important topics such as macroeconomic development, fiscal and monetary policy, global economic risks, and an in-depth discussion of the nature of the U.S.-China economic relationship. The U.S. side revealed that the two sides look forward to a constructive dialogue aimed at deepening understanding, strengthening trust, identifying opportunities for cooperation, and jointly resolving contradictions and problems.
At the same time, the issue of sovereign debt has become the focus of this meeting, and the United States looks forward to finding common ground with China in the areas of sovereign debt and climate through this dialogue, so that the debt problem does not become an obstacle to investment in low-income countries for sustainable development and climate change.
Yellen previously revealed that she plans to visit China again later this year. Although the U.S. Treasury Department has made a vague response to this, it can be felt between the lines that Yellen's visit to China is very likely, but the specific time has not yet been finalized.
Since the San Francisco meeting, Sino-US relations have shown certain signs of improvement. In the dialogue in the economic and financial fields, the two countries have laid a solid foundation to avoid miscalculations escalating into "** wars". However, given the complex relationship between the two countries, caution remains about whether these dialogues will yield substantive results.
Against the backdrop of the approaching United States, Trump is in full swing and announced tariffs on China early. Some anti-China politicians have also seized the opportunity to make unwarranted remarks, and their remarks are unbelievable. In this tense and complex atmosphere, frequent contacts between the Chinese and American economic teams have undoubtedly helped to reduce hostility and resolve issues in the relationship between the two countries through lasting channels of communication.
At a time when the global economy is recovering, cooperation and exchanges between China and the United States are particularly important. Dialogue and communication between the two sides will help promote common development and identify more opportunities for cooperation in the economic field. However, it is one thing to be able to engage in dialogue, but it is another to be able to achieve tangible results.
Considering the stability of the US policy toward China, the outside world has doubts about its sincerity. The differences between the two sides in terms of positions and interests have increased the uncertainty of whether the negotiations will be fruitful. Therefore, while the dialogue is a positive sign, the actual results remain to be seen. Considering the differences in positions and interests between the two sides, it is difficult to make substantive progress in this meeting.
Although the US side has not made a clear statement, the outside world generally believes that the possibility of Yellen's visit to China again is quite largeAt this moment of political change, any move involving China has profound political connotations, and its practical significance is often limited.
The ideal outcome for this meeting is that both sides can be honest with each other and work together to find a solution. Compromise and reach consensus on the basis of common interests, so as to resolve existing differences and achieve a mutually beneficial and win-win situation. This will help the U.S. and Chinese economies move towards a better future.