China and the U.S. have agreed to work together on cyber security, with the two countries setting up a working group to deal with the issue, U.S Secretary of State John Kerry said on Saturday in Beijing.

The move could quell rising tensions between the two governments over the issue. Security companies have blamed high-profile hacks on groups in China, including units of the Chinese military. Kerry said: “Banks, financial transactions, every aspect of nations in modern times are affected by the use of cyber networking - and obviously all of us, every nation, has an interest in protecting its people.”

The speech was reported by Reuters this Saturday. China’s Foreign Minister Wang Yi echoed Kerry’s statement in a report by China’s official Xinhua news agency.

Wang said that China and the United States can boost cooperation in cyberspace, and that both sides should remain calm and objective.

Wang also said that China opposes any form of hacking.