Dia­logue with US leads to co­op­er­a­tion

China Daily (Hong Kong) - - FRONT PAGE - By CHEN WEIHUA in Wash­ing­ton and AN BAIJIE in Bei­jing Con­tact the writ­ers at chen­wei­hua@chi­nadai­lyusa.com

China and the United States agreed to co­op­er­ate on macroe­con­omy, fi­nance, trade, in­vest­ment and global gov­er­nance dur­ing their first Com­pre­hen­sive Eco­nomic Dia­logue on Wednes­day, as the two sides dis­cussed the One-Year Plan of eco­nomic co­op­er­a­tion in Wash­ing­ton.

Chi­nese Vice-Premier Wang Yang, US Trea­sury Sec­re­tary Steven Mnuchin and US Com­merce Sec­re­tary Wil­bur Ross co-chaired the meet­ing, which was held at the US Trea­sury De­part­ment. The two sides dis­cussed bi­lat­eral trade and in­vest­ment, a 100-Day Ac­tion Plan and the One-Year Plan, global econ­omy and gov­er­nance and macroe­co­nomic pol­icy, fi­nance and agri­cul­ture.

Wang said co­op­er­a­tion is the only cor­rect choice for China and the US, which are each other’s largest trade part­ners and im­por­tant sources of for­eign in­vest­ment.

“Good co­op­er­a­tion be­tween China and the US, the world’s two largest economies, will not only ben­e­fit the busi­nesses and peo­ple of the two coun­tries, but the en­tire world,” he said.

For­eign Min­istry spokesman Lu Kang told a reg­u­lar news con­fer­ence on Thurs­day that the dia­logue is in­no­va­tive, prag­matic and con­struc­tive, through which the two sides have set the right di­rec­tion for China-US eco­nomic co­op­er­a­tion.

The US side agreed that the first round of the dia­logue should not only dis­cuss con­crete trade is­sues, but also fo­cus on long-term strate­gic chal­lenges, Lu said.

The US also agreed that the two coun­tries should make joint ef­forts to max­i­mize the in­ter­ests of both sides and push bi­lat­eral eco­nomic ties to de­velop more fair, bal­anced and sus­tained trade, Lu said in re­sponse to a ques­tion about a US com­mer­cial lobby group’s crit­i­cism of the dia­logue.

Vice-Fi­nance Min­is­ter Zhu Guangyao said a ma­jor task for the dia­logue was re­view­ing progress on the con­sen­sus reached by Pres­i­dent Xi Jin­ping and US Pres­i­dent Don­ald Trump when they met in Florida in early April.

In their first sum­mit at Trump’s Mar-a-Lago re­sort, the two lead­ers agreed on a four­track com­pre­hen­sive dia­logue mech­a­nism, in­clud­ing the Com­pre­hen­sive Eco­nomic Dia­logue, and the 100-Day Ac­tion Plan for eco­nomic co­op­er­a­tion.

“Both sides spoke highly of the im­ple­men­ta­tion of the 100-Day Ac­tion Plan,” Zhu told re­porters on Wednes­day af­ter the con­clu­sion of the dia­logue.

A state­ment from Mnuchin and Ross af­ter the meet­ing said, “The prin­ci­ples of bal­ance, fair­ness and rec­i­proc­ity on mat­ters of trade will con­tinue to guide the Amer­i­can po­si­tion so we can give Amer­i­can work­ers and busi­nesses an op­por­tu­nity to com­pete on a level play­ing field.”

About 20 Chi­nese and US busi­ness lead­ers, in­clud­ing Jack Ma of Alibaba Group and Stephen Sch­warz­man of the Black­stone Group, met on Tues­day in Wash­ing­ton.

In the past decade, US ex­ports to China in­creased on av­er­age by 11 per­cent a year, while China’s ex­ports to the US grew by 6.6 per­cent on av­er­age per year.

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