The recently established U.S.-China Financial Working Group is set to meet for discussions about financial stability and curbing the flow of fentanyl.The New York Times reports that the U.S.-China Financial Working Group, established last year, is scheduled to hold discussions this week on financial stability and efforts to curb the flow of fentanyl. A delegation of senior Biden administration officials, including Brent Neiman from the Treasury Department, will be traveling to Shanghai for the meetings on Thursday and Friday. The talks aim to maintain a stable economic relationship between the two countries, which has been strained by trade tensions and disagreements over industrial policy and green energy technology. The Biden administration has imposed new tariffs on Chinese imports and restricted American investments in certain sectors deemed a threat to national security. The U.S. delegation will also meet with Chinese officials to discuss financial stability, cross-border data, and private-sector efforts to advance transition finance. Additionally, American and Chinese financial regulators have been conducting joint exercises to coordinate responses in the event of a crisis. The Biden administration has been urging China to take action to prevent the export of chemicals used to produce fentanyl, and there have been signs of progress with China announcing new restrictions on three of these chemicals. However, other economic issues between the two countries remain contentious, with Treasury Secretary Janet L. Yellen pressing Chinese officials during her trip in April to stop flooding global markets with cheap clean-energy products. 

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