Washington and Beijing will co-chair a G-20 study group focusing on climate-related financial risks, a confidence-building move amid strained bilateral ties. The U.S. and China are engaged in a confidence-building exercise that could show whether the world’s two largest economies can work together on shared priorities despite deep disagreements and a badly strained bilateral relationship. Washington and Beijing are to co-chair a G-20 study group focusing on climate-related financial risks. It is a cautious step in a low-stakes venue. Still, neither country is eager to take credit for even such a modest initiative, underscoring sensitivities on both sides about any outreach. Last month, U.S. Treasury Secretary Janet Yellen told her G-20 counterparts the U.S. would co-chair the group. A day later, Chinese central bank governor Yi Gang said the bank was pleased to co-lead the group. Neither side mentioned the other in their announcements.
By Sha Hua. Wall Street Journal. March 9, 2021.