China and the United States are working together to build a stronger financial future. On December 15-16, top officials from both nations met in Nanjing, China, for the seventh China-US Financial Working Group meeting.
The meeting was led by Xuan Changneng, deputy governor of China’s central bank, and Brent Neiman, assistant secretary for international finance at the US Treasury Department. They were joined by key financial regulators from both countries, including representatives from China’s financial agencies and U.S. institutions like the Federal Reserve and the Securities and Exchange Commission.
They discussed important issues that affect both countries and the world economy, such as how to keep financial systems stable, ways to prevent money laundering, and fighting the financing of terrorism. They also talked about handling climate change financially and improving the compilation of balance of payments, which records all transactions made between one country and others.
An exciting outcome was the update of an agreement between China’s National Financial Regulatory Administration and the U.S. Federal Insurance Office. This update will help both countries cooperate more closely in the insurance sector.
This meeting shows that China and the U.S. are continuing to work together on financial matters, which is important for the global economy. For young people around the world, cooperation like this can lead to a more stable and prosperous future.
Reference(s):
cgtn.com
