TAIPEI (Taiwan News) — A U.S.-China economic working group held its first face-to-face meeting in Beijing over two days on Thursday (Jan. 18) and Friday (Jan. 19) to discuss financial stability, per CNA.

The working group had held two previous online meetings online, per Reuters. However, this marks the first time a face-to-face meeting has been held in China.

U.S. Treasury Assistant Secretary for International Finance Brent Neiman, Undersecretary for Domestic Finance Nellie Liang, and Financial Crimes Enforcement Director Andrea Gacki led the U.S. delegation. Deputy Governor of the People’s Bank of China Xuan Changneng (宣昌能) led the Chinese side.

Ma Wei, a researcher at the Institute of American Studies at the Chinese Academy of Social Sciences, said that China's main goal is to resume talks with the U.S. Treasury. The interruption of talks over the past three years was due to pandemic prevention measures.

Ma said that Beijing may be concerned about the Section 301 tariffs on China. The Trump administration imposed the tariffs but they had not been lifted since Biden took office. The Chinese side hopes the U.S. Treasury will convey China’s concerns to the U.S. trade representative.

Ma also suggested that China may want more detailed information on Biden’s new measures restricting U.S. investment in Chinese high-tech companies, such as which companies will be on the restricted list and what restrictions will apply to U.S. investors.

Since Biden issued the executive order last year, the U.S. Treasury has been drafting regulations.