BEIJING: Chinese Vice Premier He Lifeng met U.S. Treasury Secretary Janet Yellen in Guangzhou, south China’s Guangdong Province on Friday afternoon to exchange views on strengthening China-U.S. economic and trade ties.
The meeting comes at a pivotal moment, underscoring the deep economic interconnections between the world’s two largest economies. China and the U.S. have seen bilateral trade grow by more than 200 times since the establishment of diplomatic ties, with the trade volume reaching 4.7 trillion yuan ($649.7 billion) in 2023, official data showed.
This burgeoning trade has not only brought about vast economic opportunities to businesses on both sides but also highlighted the core role this relationship plays in the global economy. Over 70,000 U.S. businesses have set up operations in China, according to China’s Ministry of Commerce.
Yellen’s visit to China this year was facilitated by a newly established bilateral mechanism, with direct reporting lines to He and Yellen, initiated by both countries last September. The China-U.S. Economic Working Group primarily focuses on macroeconomic issues, encompassing not only bilateral concerns but also addressing emerging market debt challenges.
At the invitation of the US side, Wang Shouwen, China International Trade Representative and Vice Minister of Commerce, visited the US from Tuesday to Friday and co-chaired the first deputy minister-level meeting of the China-US commerce and trade working group with US Under Secretary of Commerce for International Trade Marisa Lago, according to a statement released by China’s Ministry of Commerce on Friday.
Senior commerce officials from China and the US discussed economic and trade issues of concern to both sides through objective, rational, professional, and pragmatic communications, said the statement.
Wang said the Chinese and US leaders’ summit in San Francisco has set the direction for the development of bilateral economic and trade relations. Meanwhile, recent phone calls between the leaders of the two countries instructed the working teams of both sides to advance consultations in the field of commerce and other areas.
The economic and trade relationship should be a stabilizing force in the bilateral ties, Wang said. He pointed out that China is willing to work with the US side to actively implement the consensus reached by the two heads of state, strengthen communication, expand cooperation, and manage differences through the China-US commerce and trade working group, and foster a good environment for trade and investment cooperation between the business communities of the two countries.
Wang also expressed concerns over the US side’s Section 301 tariff measures on certain imports from China and related investigation applications, the issue of generalizing the concept of national security, sanctions on Chinese companies, revisions of trade remedy investigation rules, two-way investment restrictions, and unfair treatment of Chinese companies.
Both sides showed their willingness to keep close communications with the business communities in the two countries to discuss issues of concern to enterprises, jointly support trade and investment promotion activities held by both sides, including the China International Import Expo, the China International Fair for Investment and Trade, the China-California Business Forum, as well as cooperation activities in the fields of clean energy technologies and others.
They also vowed to explore ways to enhance trade facilitation cooperation and strengthen communication on issues related to export control.
During his visit to the US, Wang also held extensive discussions with US government officials, representatives from the US business community and think tanks.
Lago will lead a delegation to China in the second half of 2024 at the invitation of the Chinese side, and co-chair the second deputy minister-level meeting of the China-US commerce and trade working group.
