The U.S. and China have decided to work together on their respective economic benefits by signing an agreement that would allow the countries to cooperate in terms of their financial stability.

According to CNBC, the agreement was part of a meeting on Thursday and Friday by the U.S.-China Financial Working Group in Shanghai.

Brent Neiman, the deputy under secretary for international finance, together with Xuan Changneng, the deputy governor of the People's Bank of China, co-lead the working group.

China and U.S. exchanged a list of individuals whom they would be contacting in case there would be financial stress or other risk events in the future.

The PBC mentioned that other attendees in the meeting included those from the U.S. Securities and Exchange Commission, National Financial Regulatory Administration, the Federal Reserve, and China Securities Regulatory Commission.

Some of the topics that were discussed in the financial cooperation meeting include cross-border payments, capital markets and monetary policies, underscoring the Third Plenum meeting of China.

Based on a CNBC translation of the statement in Chinese, it described the conversation in the meeting as "professional, pragmatic, candid and constructive."

Important global banks, climate-risk stress testing and the resilience in the operation of financial institutions were among the reports that technical experts tackled.

On Thursday, Gongsheng said through its state media that the financial risks of China have dropped, and that it includes the risk from local government debt.

Under the framework of the working group, Chinese financial institutions and the U.S., also had their first round-table meeting. The different institutions discussed cooperation opportunities and how finance would be able to bring about sustained growth.