Of­fi­cials catch up on eco­nomic goals

China Daily (USA) - - FRONT PAGE - By CHEN WEIHUA in Wash­ing­ton chen­wei­hua@chi­nadai­lyusa.com

Chi­nese Vice-Premier Wang Yang and US Trea­sury Sec­re­tary Jack Lew com­pared notes on Mon­day on eco­nomic co­op­er­a­tion be­tween the two coun­tries and the im­ple­men­ta­tion of the con­sen­sus reached at the G20 Sum­mit in Hangzhou in early Septem­ber.

Wang, lead­ing a Chi­nese del­e­ga­tion, is in Wash­ing­ton to at­tend the 27th ses­sion of the China-US Joint Com­mis­sion on Com­merce and Trade (JCCT) from Mon­day through Wed­nes­day.

The US del­e­ga­tion is led by Sec­re­tary of Com­merce Penny Pritzker and US Trade Rep­re­sen­ta­tive Michael Fro­man. US Sec­re­tary of Agri­cul­ture Tom Vil­sack also will at­tend the di­a­logue.

It will be the last high-level eco­nomic and trade di­a­logue be­tween the two gov­ern­ments this year. The meet­ing will fo­cus on how to im­ple­ment the con­sen­sus reached by Pres­i­dent Xi Jin­ping and Pres­i­dent Barack Obama, ex­chang­ing views on ma­jor eco­nomic and trade is­sues and ex­plor­ing ways to ex­pand mu­tu­ally ben­e­fi­cial co­op­er­a­tion, ac­cord­ing to the Min­istry of Com­merce.

Dur­ing the JCCT ses­sion, a busi­ness round­table, sym­po­sium on the digital econ­omy and a sem­i­nar on food se­cu­rity also have been sched­uled.

First launched in May 1983, long be­fore the China-US Strate­gic and Eco­nomic Di­a­logue (S&ED), the JCCT has been re­garded as one of the old­est high-level di­a­logue mech­a­nisms be­tween the two gov­ern­ments.

The Min­istry of Com­merce has de­scribed JCCT as play­ing an in­dis­pens­able role in ex­pand­ing mu­tu­ally ben­e­fi­cial co­op­er­a­tion, eas­ing eco­nomic and trade fric­tions and push­ing for­ward China-US eco­nomic and trade re­la­tions on a healthy and sta­ble de­vel­op­ment path.

Be­sides the an­nual high-level ple­nary ses­sions, 14 JCCT work­ing groups meet through­out the year to ad­dress top­ics such as agri­cul­ture, phar­ma­ceu­ti­cals and med­i­cal de­vices, in­for­ma­tion tech­nol­ogy, travel and tourism and in­tel­lec­tual prop­erty rights, ac­cord­ing to the US Depart­ment of Com­merce.

The 26th JCCT meet­ing was held in Guangzhou, cap­i­tal city of South China’s Guang­dong prov­ince, from Nov 21-23, 2015, when the two sides reached a con­sen­sus on a host of is­sues such as ex­port con­trol, in­tel­lec­tual prop­erty rights, in­no­va­tion pol­icy, twoway in­vest­ment, com­pe­ti­tion pol­icy, the ap­proval of phar­ma­ceu­ti­cal and med­i­cal de­vices, and agri­cul­tural and forestry goods trade and avi­a­tion co­op­er­a­tion, ac­cord­ing to the Min­istry of Com­merce.

The US was China’s sec­ond-largest trade part­ner, top ex­port mar­ket and fourth-largest source of im­ports in 2015. Mean­while, China was the largest trade part­ner for the US, the third­largest ex­port mar­ket and the No. 1 source for im­ports, ac­cord­ing to the min­istry.

Two-way goods trade reached $558.4 bil­lion in 2015, while to­tal twoway for­eign di­rect in­vest­ment ex­ceeded $160 bil­lion.

Jack Lew

Wang Yang

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