China-US financial working group holds 7th meeting

The China-U.S. financial working group held its seventh meeting in Nanjing City, east China's Jiangsu Province, on Sunday and Monday, with the attendance of the relevant financial regulators from both sides.

Participating in the two-day event were representatives from the National Financial Regulatory Administration and the China Security Regulatory Commission on the Chinese side and from the Federal Reserve and the Securities and Exchange Commission on the U.S. side.

The meeting was co-chaired by Xuan Changneng, Deputy Governor of the People's Bank of China, and Brent Neiman, Deputy Under-Secretary for International Finance at the U.S. Department of the Treasury. During the meeting, the Chinese side briefed on the planning for economic work for the coming year outlined in the Political Bureau of the Communist Party of China (CPC) Central Committee meeting and the annual Central Economic Work Conference, both held in Beijing earlier this month.

The two sides engaged in professional, pragmatic, candid and constructive discussions on various topics including the economic and financial situation, monetary policy, financial stability, financial regulation and supervision, international financial governance, securities and capital markets, anti-money laundering and countering the financing of terrorism. They also exchanged views on other financial policy topics that are of mutual concern.

During the meeting, the two sides heard reports form the technical export group, which covered issues such as Balance of Payments compilation and climate factors in macroeconomic modeling. The two sides also held a meeting with local officials and regulators.

The Chinese side raised issues of concern to the U.S. side.

As an outcome of the meeting, China's National Financial Regulatory Administration and the U.S. Federal Insurance Office updated a memorandum of understanding (MOU) on strengthening bilateral cooperation and exchanges in the insurance sector.

Since its establishment in September 2023, the China-U.S. financial working group has engaged in professional and pragmatic communication in the financial sector. The dialog between the two sides in this field is conducive to the responsible management of bilateral relations and the maintenance of global financial stability.

China-US financial working group holds 7th meeting

China-US financial working group holds 7th meeting

China-US financial working group holds 7th meeting

The 2024 Shanghai-Taipei City Forum opened on Tuesday in Taipei, with memorandums of cooperation signed in the field of smart health care and on the exchange and conservation of red pandas.

Addressing the opening ceremony, Hua Yuan, deputy mayor of Shanghai, said that the theme of this year's forum -- "Smart governance, sustainable future" -- reflects how people from both cities eagerly anticipate integrated development, as well as their expectations for the future of urban growth. He expressed the hope that the two cities would use this forum as an opportunity to deepen practical cooperation in areas such as transportation, water management, health care and the environment.

He also encouraged people from Taiwan and Shanghai to visit each other's cities, and announced that Shanghai would promote group tours to Taiwan.

"I sincerely invite the residents of Taipei and compatriots in Taiwan to visit Shanghai more often. Of course, I also hope that residents in Shanghai will visit Taiwan and Taipei. To this end, Shanghai will actively promote group tours for Shanghai residents to Taiwan, and the tour routes will definitely include Taipei City," said Hua.

Taipei Mayor Chiang Wan-an said that more cross-Strait communication is needed in tense and difficult times, Chiang said, noting that increasing understanding is far better than increasing misunderstanding.

"Taipei and Shanghai have worked together to ensure the continuity of the twin cities forum, which has never been suspended due to the pandemic or changes in the cross-Strait atmosphere. I often say that the more tense and challenging the situation is, the more important communication becomes. Increasing understanding is far better than increasing misunderstanding. This belief remains unchanged for me. I would also like to thank Shanghai for upholding the same belief and continuing to engage with Taipei," said Taipei Mayor Chiang Wan-an.

At three sub-forums, representatives of both cities shared their experience and engaged in in-depth discussions on topics such as friendly transportation cooperation, river management and the construction of culturally vibrant cities.

Since its inception in 2010, the forum has served as a vital platform for dialogue, with Shanghai and Taipei signing 47 memorandums of exchange and cooperation to date.

Annual Shanghai-Taipei City Forum opens in Taipei