China and the United States have decided to establish two working groups in economic areas to hold regular and ad-hoc meetings to strengthen exchanges in this regard, a statement issued by Ministry of Finance said on Friday.

The working groups are being set up to implement the crucial consensus reached between the presidents of the two countries at their meeting in Bali, Indonesia, in November.

The Economic Working Group will be co-chaired by vice-ministerial officials from China's Ministry of Finance and the US Department of the Treasury, and the Financial Working Group will be co-chaired by vice-ministerial officials from the PBOC and the US Department of the Treasury.