China-US financial working group holds seventh meeting

BEIJING, Dec. 17 (Xinhua) -- The China-U.S. financial working group held its seventh meeting in Nanjing, capital of east China's Jiangsu Province, on Sunday and Monday, China's central bank announced Tuesday.

The meeting was co-chaired by Xuan Changneng, deputy governor of the People's Bank of China (PBOC), and Brent Neiman, assistant secretary for international finance at the U.S. Department of the Treasury.

Financial regulators, including the National Financial Regulatory Administration and the China Securities Regulatory Commission from the Chinese side, as well as the Federal Reserve and the Securities and Exchange Commission from the U.S. side, took part in the meeting, according to a PBOC statement.

The Chinese side provided an overview of the country's arrangements for next year's economic work, which were outlined at a meeting of the Political Bureau of the Communist Party of China Central Committee and the Central Economic Work Conference, the statement said.

The two sides had professional, pragmatic, candid and constructive discussions on topics ranging from macroeconomic and financial developments, monetary policy, financial stability, financial regulation and supervision, international financial institutions, capital market, to anti-money laundering and countering the financing of terrorism, the statement said. They also exchanged views on other financial policy topics.

The two sides were briefed on the previous technical exercises, including balance of payments compilation and climate modeling, according to the statement.

During the meeting, China's National Financial Regulatory Administration and the U.S. Federal Insurance Office updated a memorandum of understanding on facilitating communication and cooperation relating to the insurance sector.

Since its establishment, the China-U.S. financial working group has facilitated professional and pragmatic communications between the two sides, contributing to a stable China-U.S. relationship and helping preserve international financial stability, the statement said.