Addressing key economic concerns on agenda
Senior commerce and trade officials, as well as the business communities in China and the United States, have strengthened talks between the two sides as Wang Shouwen, China’s international trade representative and vice-minister of commerce, was on a visit to the United States from Tuesday through Friday, according to the Ministry of Commerce.
Vice-Premier He Lifeng met on Friday with visiting US Treasury Secretary Janet Yellen in Guangzhou, Guangdong province. Yellen arrived in the city in southern China on Thursday and was set to travel to Beijing on Saturday.
Vice-Premier He said they are expected to delve deeper into crucial issues in the economic and financial fields of China, the US and the world. “Addressing key concerns in China-US economic relations and formulating appropriate responses are also on our agenda,” He added.
Yellen said that in the last several months, the economic and financial working groups that the two sides set up have continued to meet and make progress on a range of important and difficult issues. Those conversations like the one between her and the vice-premier have been “frank and substantive”, she added.
On the recent frequent meetings of economic officials, Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, said: “In the field of economy and trade, China and the US are currently experiencing stronger momentum to work together. It is vital to find feasible solutions in the ever-evolving global economic environment. The solutions are expected to bring favorable outcomes.
“Yellen’s meeting with the US business representatives in China will probably have a positive influence on her views regarding bilateral trade ties,” Zhou said.
“Promoting the development of US businesses in China and enhancing the business climate are also likely objectives of her trip,” he added.
On his trip to the US, Wang, the trade representative and vice-minister, co-chaired the first vice-ministerial meeting of the China-US commerce and trade working group alongside Marisa Lago, US undersecretary of commerce for international trade.
Both delegations engaged in objective, rational, professional and pragmatic discussions concerning their trade policy issues and specific business issues raised by the business communities of the two countries, according to the ministry.
The discussions primarily focused on the implementation of the significant consensus reached during the San Francisco meeting in November and recent phone conversations between the two heads of state.
Wang said that the San Francisco meeting provided vital guidance for the development of China-US economic and trade ties.
Recent phone calls between the heads of state led to instructing their respective teams to advance a consultation mechanism in the field of commerce and other sectors.
Wang said the economic and trade relationship between China and the US should be a stabilizing force in the bilateral ties.
Wang said China is willing to collaborate with the US in actively implementing the consensus reached by the two heads of state. He stressed the importance of strengthening communication, expanding cooperation and addressing differences through the China-US commerce and trade working group to foster a favorable environment for trade and investment cooperation between the two countries.
Wang expressed concerns about several issues, including the US’ imposition of Section 301 tariffs on China, related Section 301 investigation applications, generalization of national security considerations, sanctions against Chinese enterprises, revision of trade remedy investigation rules, bilateral investment restrictions and unfair treatment of Chinese enterprises.
Both parties have agreed that the two countries’ commerce authorities are committed to maintaining close communication with their enterprises to address their concerns.
They will also collaborate in supporting trade and investment promotion activities, including the China International Import Expo, the China International Fair for Investment and Trade, and the China-California Business Forum.
They will engage in cooperation activities in areas such as clean energy technology and women’s health. Furthermore, they will strengthen communication and exchanges in the field of export control through the export control information exchange mechanism.
During his stay in the US, Wang also met and held talks with officials from the US National Economic Council and the US treasury, homeland security and commerce departments.
Lago will lead a delegation to visit China later this year. She will co-chair the second vice-ministerial meeting of the China-US commerce and trade working group with the Chinese side, according to the Ministry of Commerce.