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☆ Oil slips as U.S. storm threat eases, China stimulus disappoints
▼ + stars: | 2024-11-11 | by ( ) www.cnbc.com time to read: +2 min

Oil prices extended declines on Monday as the threat of a supply disruption from a U.S. storm eased and after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No. Oil consumption in China, the world's driver of global demand growth for years, has barely grown in 2024 as its economic growth has slowed, gasoline use has declined with the rapid growth of electric vehicles and liquefied natural gas has replaced diesel as a truck fuel. Oil prices have also eased after concerns about supply disruption from storm Rafael in the U.S. Gulf of Mexico subsided. More than a quarter of U.S. Gulf of Mexico oil and 16% of natural gas output remained offline on Sunday, according to the offshore energy regulator. Looking ahead, uncertainty from policies under U.S. President-elect Donald Trump have clouded the global economic outlook although expectations that he could tighten sanctions on OPEC producers Iran and Venezuela and cut oil supply to global markets partly caused oil prices to gain more than 1% last week.

Persons: Tony Sycamore, Rafael, Donald Trump, refiners Organizations: Brent, West Texas, National People's Congress, ANZ, Central Economic Work Conference, U.S Locations: U.S, China, U.S . Gulf, Mexico, Iran, Venezuela

☆ Everything you want to know about Janet Yellen’s China visit; Russia, chopsticks, oversupply
▼ + stars: | 2024-04-08 | by ( Nectar Gan | ) edition.cnn.com time to read: +11 min

“China is now simply too large for the rest of the world to absorb this enormous capacity,” Yellen told reporters Monday. US intelligence has warned that China is providing technology and equipment to Russia that is important to Moscow’s war in Ukraine. During her last visit to Beijing, Yellen dramatically boosted business for a Yunnan restaurant chain and its mushroom dish after her delegation was spotted dining there. “As a US official, Yellen needs to know more about China than just its food. Only by understanding China better, can she correct the US worldview and its views of China and China-US relations.”

Persons: Janet Yellen, Yellen, Joe Biden, Xi Jinping, ”, China Nicholas Burns, Pedro Pardo, Li Qiang, ” Yellen, Li, Biden, “, Mao Ning, Xi, CNN’s Marc Stewart, we’ve, Andy Wong, “ Yellen, Tao Tao Organizations: Hong Kong CNN, Russia, China's, Getty, Vice, Foreign Ministry, Treasury Department ., Ukraine, China’s, Ministry, “ Locations: China, Hong Kong, Guangzhou, Beijing, United States, AFP, Washington, Xinhua, Russia, Ukraine, Treasury Department . China, San Fransisco, “, Yunnan, Weibo

☆ U.S. and China to hold talks on 'balanced growth' amid overcapacity concerns, Yellen says
▼ + stars: | 2024-04-06 | by ( ) www.cnbc.com time to read: +4 min

US Treasury Secretary Janet Yellen (L) shakes hands with China's Vice Premier He Lifeng in the southern Chinese city of Guangzhou, on April 5, 2024. After two days of economic talks in China's southern export hub of Guangzhou, Yellen said she and He also agreed to start a forum to cooperate on anti-money laundering efforts in their respective financial systems. Beijing also expressed serious concerns about U.S. economic and trade restrictions on China and made a full response to the production capacity issue during the talks, the statement said. The U.S. Treasury official, who spoke on condition of anonymity, said the balanced growth forum was first proposed in February during an economic working group meeting. Yellen also said she had warned Chinese firms faced "significant consequences" if they provided material support to Russia's invasion of Ukraine.

Persons: Janet Yellen, Pedro Pardo, Lifeng, Yellen, Biden, Wendy Cutler Organizations: China's, Afp, Getty, Treasury, U.S . Treasury Locations: Guangzhou, overcapacity, China, U.S, United States, Xinhua, Beijing, Ukraine

☆ U.S. and China Continue to Talk, but Economic Divide Remains Wide
▼ + stars: | 2024-04-03 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

The United States and China created formal economic working groups to keep the conversation going. Months later, Ms. Yellen met with her Chinese counterparts in San Francisco and Morocco. But despite those signs of progress, thorny economic issues continue to divide China and the United States. “We don’t want to decouple our economies,” Ms. Yellen said on Wednesday during a stop in Alaska on her way to China. “We want to continue, and we think we both benefit from trade and investment, but it needs to be on a level playing field.”

Persons: Janet L, Yellen, Biden, Ms Locations: Beijing, United States, China, San Francisco, Morocco, Yunnan, Guangzhou, Alaska

BANGKOK (AP) — Chinese and U.S. officials have met in Beijing for talks on tough issues dividing the two largest economies, as trade and tariffs increasingly draw attention in the runup to the U.S. presidential election. The talks sent a “positive signal,” the Global Times, a newspaper of China’s ruling Communist Party, said in an article published late Tuesday. The two sides said the talks in Beijing also touched on issues such as debt problems in developing countries, financial cooperation and economic policies. The Economic Working Group's meeting was its third since it was established in September and its first in Beijing. A Treasury delegation met with Chinese Vice Premier He Lifeng while in Beijing and conveyed a message that Yellen hoped to visit China at an “appropriate time.”

Persons: Joe Biden, Xi Jinping, Biden, Donald Trump, Yellen, ” Organizations: U.S, China’s Ministry of Finance, Global Times, Communist Party, U.S . Treasury Department, International Energy Agency, Treasury Department, Trump, Treasury Locations: BANGKOK, Beijing, U.S, China, Europe, San Francisco , California, Taiwan

☆ U.S. Treasury team heads to China to talk subsidies, economic policies
▼ + stars: | 2024-02-06 | by ( ) www.cnbc.com time to read: +1 min

The Biden administration has sent five senior U.S. Treasury officials to Beijing this week for economic talks that will include China's "non-market" policies that are adding excess industrial capacity, a Treasury official said on Monday. The Biden administration has sent five senior U.S. Treasury officials to Beijing this week for economic talks that will include China's "non-market" policies that are adding excess industrial capacity, a Treasury official said on Monday. Affected industries include electric vehicles, a sector whose development in the United States the Biden administration is trying to boost with its own tax subsidies. The group will discuss the U.S. and Chinese economic outlooks, investment screening regimes for national security in both countries, and opportunities to cooperate on climate change and debt relief to poor countries, the Treasury official said. The emphasis on China's industrial subsidies comes as the Biden administration is continuing a review of U.S. tariffs imposed on hundreds of billions of dollars worth of Chinese imports by former President Donald Trump.

Persons: Biden, International Affairs Jay Shambaugh, Donald Trump Organizations: U.S, Treasury, International Affairs, China Economic, Group Locations: Beijing, U.S, China, United States

☆ US sends top Treasury officials to China to discuss economy
▼ + stars: | 2024-02-05 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —A team of five US Treasury Department officials is traveling to Beijing this week for a series of meetings on the economy with their counterparts in China, a Treasury official told CNN on Monday. The trip by senior officials comes ahead of a planned return to China by Treasury secretary Janet Yellen later in 2024. Specifically, the Treasury delegation plans to raise China’s use of non-market economic practices and industrial overcapacity, the official said. The visit marks the first time that the economic working group is meeting in Beijing since it was launched last September after Treasury Secretary Janet Yellen’s trip to China. However, there is nothing to suggest the latest US-China meeting is in direct response to the renewed concerns about China’s economy and financial markets.

Persons: New York CNN —, Janet Yellen, Jay Shambaugh, Donald Trump, Yellen, Janet Yellen’s, ” Yellen, “, Jerome Powell, ”, Powell, ” Powell Organizations: New, New York CNN, US Treasury Department, Treasury, CNN, Shanghai, Weibo, The New York Times, China Business Council’s, Federal, United Locations: New York, Beijing, China, Treasury’s, Washington, Hong Kong, Evergrande, United States

☆ China's stock market is in a 3-year slump and Beijing's flip-flops are adding to the confusion
▼ + stars: | 2024-01-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China's stock market lost more than $6 trillion in valuation from 2021 through last week. The market is confused by Beijing's policy stance on the economy, per Nomura economists. AdvertisementA brutal downcycle in China's stock market has wiped out over $6 trillion in valuations since 2021 — and policymakers in Beijing may be adding to the turmoil. "There has been increasing confusion over Beijing's policy stance on the economy," wrote Nomura economists in a Monday note seen by Business Insider. While China's stock market is still in the dumps, some see opportunities ahead.

Persons: —, Bloomberg's, Xi Jinping's, Ji Min Organizations: Bloomberg, Nomura, Service, CSI, People's Bank of China, Business, Economic Work, China Morning Locations: Beijing, China, Hong Kong, Shanghai, Shenzhen

☆ China's property 'inventory overhang' could take more than 10 years to correct, economist says
▼ + stars: | 2024-01-04 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

The site of a real estate building under construction in Huai 'an city, Jiangsu province, China, December 26, 2023. "If you look at the inventory overhang situation — at this sales rate — it will take about two years to clear all the inventory that is outstanding in the market," Hong told CNBC Street Signs Asia on Thursday. At the same time, one has to find new growth spots for the economy to go forward, instead of just relying on just the property sector and property investment for economic growth," Hong said. One has to find new growth spots for the economy to go forward, instead of just relying on just the property sector and property investment for economic growth. "This time around, it seems to us that the property sector has peaked and the long cycle is coming down.

Persons: Huai, Hao Hong, Hong, China's Organizations: Getty, Investment, CNBC, Beijing, Economic Work Locations: Jiangsu province, China

☆ Moody's cuts China credit outlook, citing lower growth, property risks
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +5 min

[1/2] A Chinese national flag flutters at the headquarters of a commercial bank on a financial street near the headquarters of the People's Bank of China, China's central bank, in central Beijing November 24, 2014. "The outlook change also reflects the increased risks related to structurally and persistently lower medium-term economic growth and the ongoing downsizing of the property sector," Moody's said. "Moody's concerns about China's economic growth prospects, fiscal sustainability and other aspects are unnecessary," the ministry said. STRUGGLING FOR TRACTIONMost analysts believe China's growth is on track to hit the government's target of around 5% this year, but that compares with a COVID-weakened 2022 and activity is highly uneven. Analysts widely agree that China's growth is downshifting from breakneck expansion in the past few decades.

Persons: Kim Kyung, Moody's, Ken Cheung, Pan Gongsheng, COVID, Goldman Sachs, Gnaneshwar Rajan, Kevin Yao, Tom Hogue, Kim Coghill Organizations: People's Bank of China, REUTERS, Mizuho Bank, Economic Work Conference, Fitch, China's Finance Ministry, International Monetary Fund, Thomson Locations: Beijing, Hong Kong, China, outflows, Bengaluru

☆ China's policy support is a 'stop-gap' measure — not stimulus, SocGen economist says
▼ + stars: | 2023-12-05 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

Close up of Chinese Yuan notes, with Mao Tse-tung Peter Dazeley | The Image Bank | Getty ImagesChina's recent policy support is aimed at fixing its system and shouldn't be seen as economic stimulus, according to Societe Generale's Asia chief economist and head of research. PMI divergenceExpansion in China's services sector climbed to its strongest since August, a private survey on Tuesday showed. However, the private survey diverged from China's official PMI. The moderating manufacturing PMI and contracting services PMI, along with other November data point to the fragility of the Chinese economy and a faster deceleration of growth momentum last month, they added. The official PMI includes more companies engaged in heavy industries compared with the Caixin PMI, which covers more consumer-focused firms, Barclays economists said.

Persons: Yuan, Mao Tse, Peter Dazeley, Wei Yao, Yao, Jian Chang Organizations: Bank, Getty, Societe Generale's, CNBC, Economic Work Conference, China Communist, PMI, National Bureau of Statistics, NBS, Barclays Locations: Societe Generale's Asia, China

☆ Exclusive: China govt advisers call for steady growth target in 2024, more stimulus
▼ + stars: | 2023-11-22 | by ( Kevin Yao | ) www.reuters.com time to read: +4 min

Five of the seven advisers who spoke with Reuters said they favoured a target of around 5%, matching this year's goal. The proposals will be made next month at the ruling Communist Party's annual Central Economic Work Conference that discusses policy plans and the outlook for the world's second-largest economy. "We need to adopt expansionary fiscal and monetary policy to stimulate aggregate demand," Yu Yongding, a government economist who advocates for a growth target of roughly 5%, told Reuters. "We are stepping up fiscal policy support," said another adviser, to make the "difficult" 2024 target "achievable." The stuttering post-COVID recovery has prompted many analysts to call for structural reforms that tilt the drivers of economic growth away from property and infrastructure investment and towards household consumption and market-allocation of resources.

Persons: Yu Yongding, Yu, Guan Tao, Xi Jinping, Kevin Yao, Marius Zaharia Organizations: Reuters, Communist, Economic Work Conference, BOC International, State Administration of Foreign Exchange, Thomson Locations: China, BEIJING, Beijing, outflows, Japan

[1/3] The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Beijing needs to pull "multiple levers" at the same time to address the "vulnerabilities" in the financial system, local government financing, as well as consumer sentiment, said Edward Al-Hussainy, head of emerging market fixed income research at Columbia Threadneedle, which owns Country Garden bonds. China property sector slumpShoring up confidence is the biggest challenge facing Beijing and is key to getting homebuyers spending again, which analysts says isn't likely to happen soon given an uncertain economic outlook. Reuters reported last week that Chinese authorities have asked domestic financial behemoth Ping An Insurance Group to take a controlling stake in Country Garden. "You need to fix the macro environment first; if you don't earn enough how do you buy a property?," said Xu, whose firm holds China property dollar bonds.

Persons: Aly, Edward Al, isn't, Morgan Stanley, Ping, Ping An, Elliot Hentov, Steven Xu, Xu, Raymond Cheng, Goldman Sachs, Clare Jim, Davide Barbuscia, Karin Strohecker, Summer Zhen, Rae Wee, Sumeet Chatterjee Organizations: Shanghai Country Garden, REUTERS, HONG KONG, Columbia, Reuters, HK, Economic Work Conference, Reuters Graphics, HIT, Insurance Group, State Street Global Advisors, Country, Harmonia, Bloomberg, China, CIBM Securities, Thomson Locations: Shanghai, China, HONG, Beijing, outflows, Hong Kong, New York, London, Singapore

And tensions between the countries heightened earlier this year when a Chinese surveillance balloon was spotted traveling over sensitive U.S. airspace. The U.S. military shot down the balloon off the Carolina coast after it traversed sensitive military sites across North America. With all of the tensions, the two nations have worked to smooth economic ties. Xi similarly met with Blinken in June when the secretary of state traveled to Beijing for talks with Wang. In January, she had her first face-to-face meeting with former Vice Premier Liu He in Zurich.

Persons: Janet Yellen, Joe Biden, Xi Jinping, Nicholas Szechenyi, ”, Biden, Shou Zi Chew, Wang Yi, Antony Blinken, Jake Sullivan, Xi, Wang, Yellen, Liu, “, Colleen Long, Aamer Madhani Organizations: WASHINGTON, —, Economic Cooperation, Center for Strategic, International Studies, APEC, Chinese Foreign, White, U.S, White House, Blinken, U.S . Treasury Department, China’s Ministry of Finance, Associated Press Locations: San Francisco, Asia, United States, China, U.S, Carolina, North America, Washington, Beijing, Zurich

☆ US 'frankly raised' disagreements with China at first financial working group meeting
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsOct 25 (Reuters) - U.S. officials "frankly raised areas of disagreement" with China at the first meeting of a new financial working group, where financial stability, supervision and regulation were discussed, the U.S. Treasury said on Wednesday. Attendees included senior officials from China's central bank and the U.S. Treasury Department, according to a Treasury statement. "The two-hour virtual meeting included a substantive and wide-ranging discussion on domestic and global financial stability, financial supervision and regulation, sustainable finance, and anti-money laundering and countering the financing of terrorism," the Treasury said. The financial working group and a parallel economic working group were launched last month after U.S. Treasury Secretary Janet Yellen's visit to Beijing in July aimed at fostering regular communications between the world's two largest economies. The economic working group, led by senior officials from the Treasury and China's Finance Ministry held its first meeting on Monday.

Persons: Dado Ruvic, Janet Yellen's, Yellen, Pan Gongsheng, Ismail Shakil, Costas Pitas, David Lawder, Paul Grant, Diane Craft Organizations: REUTERS, U.S . Treasury, U.S . Treasury Department, Treasury, U.S, China's Finance Ministry, People's Bank of China, International Monetary Fund, Bank, Reuters, Thomson Locations: China, China's, Beijing, Marrakech, Morocco, U.S

☆ China-US Economic Working Group holds first meeting
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: 1 min

United States and Chinese flags are set up before a meeting between U.S. Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng at the Diaoyutai State Guesthouse in Beijing, China, Saturday, July 8, 2023. Mark Schiefelbein/Pool via REUTERS/File Photo/File Photo Acquire Licensing RightsBEIJING, Oct 24 (Reuters) - The China-U.S. Economic Working Group held its first meeting via video link on Tuesday, the Chinese finance ministry said. The two sides had "in-depth, candid and constructive" discussion on the macroeconomic situation and policies, and bilateral economic relations and cooperation, the ministry said. China also expressed its concerns, and both sides will maintain communication, it said. Reporting by Liz Lee and Ethan Wang; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Mark Schiefelbein, Liz Lee, Ethan Wang, Christopher Cushing Organizations: Treasury, Rights, Economic, Group, Thomson Locations: United States, Diaoyutai, Beijing, China, Rights BEIJING, U.S

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsWASHINGTON, Oct 23 (Reuters) - Officials from the United States and China on Monday held a two-hour long virtual meeting to discuss domestic and global macroeconomic developments, the U.S. Treasury Department said, calling the meeting "productive and substantive". U.S. and Chinese officials also raised "areas of concern," statements from the two sides said, without elaborating. The meeting was led by senior officials from the U.S. Treasury Department and China's finance ministry. The EWG was launched last month following U.S. Treasury Secretary Janet Yellen's trip to Beijing in July. China's top diplomat will travel to the United States later this week to meet Blinken.

Persons: Dado Ruvic, Joe Biden, Xi Jinping, Janet Yellen's, Antony Blinken, Gina Raimondo, Blinken, Han Zheng, Jake Sullivan, Wang Yi, Kanishka Singh, Liz Lee, Ethan Wang, Christian Schmollinger Organizations: REUTERS, Rights, U.S . Treasury Department, Economic, Treasury Department, Treasury, U.S . National, Thomson Locations: United States, China, Taiwan, San Francisco, People's Republic of China, U.S, Beijing, Yellen, New York, Malta, China's, Washington

☆ Wall Street brokerages raise China's 2023 economic growth forecast
▼ + stars: | 2023-10-18 | by ( Susan Mathew | ) www.reuters.com time to read: +2 min

REUTERS/Thomas Peter/File photo Acquire Licensing RightsOct 18 (Reuters) - JP Morgan, Citigroup and Nomura on Wednesday lifted their forecast for China's economic growth for the year following upbeat data, but highlighted the need for more stimulus. Citigroup now expects China's GDP to grow 5.3% in 2023 from 5% earlier, while JP Morgan and Nomura see it at 5.2% and 5.1%, respectively. JP Morgan expects the economic momentum to persist in the coming months. Since the 5% growth target looks achievable, policy space could be saved for next year, Zheng said. JP Morgan expects China's potential growth coming down faster than initially expected in 2024 and 2025 to a range of 4%-4.5% and 3.5%-4%, respectively.

Persons: Thomas Peter, JP Morgan, Nomura, Goldman Sachs, Haibin Zhu, Morgan Stanley, Jenny Zheng, Zheng, Albee Zhang, Susan Mathew, Christian Schmollinger, Eileen Soreng Organizations: REUTERS, Citigroup, Nomura, Thomson Locations: Beijing, China

☆ Morgan Stanley says China's reflation journey will be 'slow and bumpy'
▼ + stars: | 2023-10-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMorgan Stanley says China's reflation journey will be 'slow and bumpy'More reflationary and restructuring policy at the Chinese Communist Party's December central economic work conference will help lift inflation print to a more normal range, said Robin Xing, Morgan Stanley's chief China economist.

Persons: Morgan Stanley, China's, Robin Xing, Morgan Stanley's Organizations: Communist Locations: China

☆ Russia waters down its ban on diesel exports
▼ + stars: | 2023-10-06 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Russia’s government announced Friday that it had largely reversed a ban on diesel exports imposed just two weeks ago in an attempt to stabilize domestic fuel prices. Most of Russia’s diesel exports are transported this way, according to data firm Vortexa, with a smaller portion delivered by rail to ports on the Black Sea. Moscow has accounted for over 13% of global diesel supply so far this year, according to Vortexa. Following the EU ban on imports, Russia redirected Europe-bound diesel to countries such as Turkey and Brazil. Russia relies on revenues from its energy exports, including vast quantities of crude oil, for a big chunk of its federal budget.

Persons: London CNN —, —, Brent Organizations: London CNN, world’s, —, Union, Russian, Brent Locations: Russia, Europe, Moscow, Turkey, Brazil, Saudi Arabia

☆ US Treasury launches US-China economic, financial working groups
▼ + stars: | 2023-09-22 | by ( David Lawder | ) www.reuters.com time to read: +2 min

WASHINGTON, Sept 22 (Reuters) - The U.S. Treasury Department on Friday said it was formally launching two new U.S.-China working groups on economic and financial issues aimed at providing a regular policy communications forum between the world's two largest economies. In a statement, the Treasury said the two groups would "meet on a regular cadence" and report to Yellen and Chinese Vice Premier He Lifeng. China's Ministry of Finance will be Treasury's counterpart for the Economic Working Group, while the People's Bank of China will be its counterpart for the Financial Working Group. China's Finance Ministry and central bank both issued statements confirming the establishment of the economic and financial working groups but gave few details beyond saying they were aimed at strengthening communication and collaboration on these issues. Establishment of the two working groups also follows Commerce Secretary Gina Raimondo's agreement with Chinese officials in August to establish a working group on U.S. export controls aimed at explaining U.S. policies.

Persons: Yellen, Gina Raimondo's, Donald Trump, David Lawder, Christina Fincher Organizations: U.S . Treasury Department, Treasury, China's Ministry, Finance, Economic, People's Bank of, Financial, China's Finance Ministry, State, Thomson Locations: China, China's, People's Bank of China, Beijing, U.S, Washington

☆ Russia’s diesel export ban may be just its latest attempt to hurt Europe
▼ + stars: | 2023-09-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

London CNN —Russia’s decision to ban diesel exports to most countries could not have come at a worse time for Europe. But the EU still needs a steady flow of Russian diesel to global markets to keep prices stable. The Russian government announced the curbs — which also apply to gasoline — Thursday, saying they were aimed at stabilizing domestic fuel prices. Diesel is Europe’s economic workhorse, powering the majority of vans and trucks ferrying goods and raw materials round the continent. Before Europe imposed its import ban, Russia supplied 40% of the country’s diesel.

Persons: London CNN —, ” Jorge León, ”, Natalia Kolesnikova, Pamela Munger, Henning Gloystein, Gloystein, “, Tim Lister, Anna Chernova Organizations: London CNN, European Union, Reuters, Kremlin, Diesel, Analysts, European, Rystad Energy, CNN, Gazprom, Getty, Eurasia Group, “, Brent Locations: Europe, Russian, Moscow, Ukraine, Russia, Saudi Arabia, South America, East, North Africa, AFP, Turkey, United States

WASHINGTON (AP) — The U.S. Treasury Department and China's Ministry of Finance launched a pair of economic working groups on Friday in an effort to ease tensions and deepen ties between the nations. Led by Treasury Secretary Janet Yellen and Vice Premier He Lifeng, the working groups will be divided into economic and financial segments. The working groups will “establish a durable channel of communication between the world’s two largest economies,” Yellen said in a series of planned tweets shared with The Associated Press ahead of Friday's announcement. The groups' launch also comes after Secretary of State Antony Blinken met with China’s vice president on Monday on the sidelines of the U.N. General Assembly. China is one of the United States' biggest trading partners, and economic competition between the two nations has increased in recent years.

Persons: Janet Yellen, Lifeng, Yellen, Joe Biden, Xi Jinping, Biden, Xi, Antony Blinken Organizations: WASHINGTON, U.S . Treasury Department, China's Ministry of Finance, The Associated Press, Pacific Economic, Treasury Department, Democratic, General Assembly, ”, Communist, The U.S, Commerce Locations: U.S, China, Asia, San Francisco, Bali, United States, Carolina, North America, Xinjiang, Hong Kong, Tibet, Russia, Ukraine, The

☆ Analysis: China's economic woes embolden calls for deeper reforms
▼ + stars: | 2023-09-21 | by ( Kevin Yao | ) www.reuters.com time to read: +6 min

Both camps argue their proposals should be treated with urgency by policymakers, ahead of the annual Central Economic Work Conference, an agenda-setting gathering of top leaders expected in December. The pro-reform camp is beating the drum for faster structural reforms, including relaxing the system of residence permits, or "hukou", to spur consumption, removing market entry barriers for private firms at the cost of state giants. Reforms are urgently needed as growth engines such as property, exports and infrastructure are stalling, he said. Structural reforms with expansionary effects can also have immediate effects." TIGHTROPEDespite the heated debate, analysts expect Chinese leaders can walk a tightrope between stimulus and reforms.

Persons: Tingshu Wang, Yu Yongding, Yu, Kristalina Georgieva, Liu Shijin, Liu, It's, Tao Wang, Deng Xiaoping, Yi Xianrong, Kevin Yao, Sam Holmes Organizations: Central Business, REUTERS, Economic Work Conference, Reuters, International Monetary Fund, Fund, UBS, Asian Development Bank, Qingdao University, Thomson Locations: Beijing, China, BEIJING, China's, United States

☆ China's economic woes embolden calls for deeper reforms
▼ + stars: | 2023-09-21 | by ( Kevin Yao | ) www.reuters.com time to read: +6 min

Structural reforms with expansionary effects can also have immediate effects." TIGHTROPEDespite the heated debate, analysts expect Chinese leaders can walk a tightrope between stimulus and reforms. Rob Subbaraman, chief economist at Nomura, said short-term stimulus would spur growth but at the cost of worsening structural distortions. Meanwhile, structural reforms would bring short-term pain and take longer to boost activity, but produce higher quality, sustainable growth over time. "China needs both, whereas it is where it is now because historically it's relied more on policy stimulus than on the harder structural reforms," he said.

Persons: Tingshu Wang, Yu Yongding, Yu, Kristalina Georgieva, Liu Shijin, Liu, It's, Rob Subbaraman, Deng Xiaoping, Yi Xianrong, Kevin Yao, Sam Holmes Organizations: Central Business, REUTERS, Economic Work Conference, Reuters, International Monetary Fund, Fund, Nomura, Asian Development Bank, Qingdao University, Thomson Locations: Beijing, China, BEIJING, China's, United States

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