China and the United States have decided to establish two working groups in the economic field, China's Ministry of Finance (MOF) announced Friday.

The move is to follow through on the important common understandings reached between the presidents of the two countries at their meeting in Bali, and came after the consensus reached by He Lifeng, Chinese Vice Premier and Chinese lead person for China-U.S. economic and trade affairs, and U.S. Treasury Secretary Janet Yellen, the finance ministry said in a statement.

The working groups will cover economic and financial sectors. The economic working group will be co-chaired by vice-ministerial officials from the MOF and the U.S. treasury department.

The financial working group will be co-chaired by vice-ministerial officials from the People's Bank of China and the U.S. Department of the Treasury.

The two working groups will hold regular and ad-hoc meetings to strengthen communication and exchanges on economic and financial issues.