The high-level economic and trade talks between China and the United States were held in Geneva, Switzerland from May 10th to 11th. On the evening of the 11th local time, He Lifeng, the Chinese leader of China US economic and trade relations and Vice Premier of the State Council, attended a briefing held by the Chinese delegation and stated that the high-level economic and trade talks between China and the United States were frank, in-depth, and constructive, reaching important consensus and making substantial progress.
Main achievements of the talks
Establish an economic and trade consultation mechanism
Both sides agree to establish regular communication channels, including holding high-level talks on a regular basis, to coordinate economic and trade policies and resolve differences.
The specific details will be further finalized by the follow-up working group, aiming to enhance the predictability and stability of bilateral economic and trade relations.
★ Promote pragmatic cooperation in various fields
Macroeconomic policies: Both sides agree to strengthen coordination on macroeconomic issues such as monetary and fiscal policies, in order to avoid policy spillover effects that could impact the global economy.
Trade facilitation: Explore optimizing tariff measures, simplifying import and export processes, and helping enterprises reduce compliance costs.
Technology and Supply Chain: Engage in dialogue on key technologies, supply chain resilience, and other issues within the framework of their respective national security interests.
★ Highlights of China's statement
He Lifeng emphasized:
This meeting is an important step in implementing the consensus reached by the two heads of state, reflecting the principle of "seeking common ground while reserving differences and mutual benefit and win-win".
China is willing to expand market opening, but opposes "decoupling and disconnection", and calls on the US to handle its economic and trade restrictions on China rationally.
China US cooperation can be expanded to emerging fields such as climate change, green energy, and artificial intelligence.
Meaning for the Global Economy:
The current global economic recovery is weak, and as the top two economies, stabilizing bilateral relations between China and the United States can help alleviate global market uncertainty.
★ International community response
World Trade Organization (WTO): Director General Ibiza welcomes the progress of the talks, stating that "the multilateral trading system requires cooperation between China and the United States".
EU: Pay attention to the outcome of the talks and hope that China US cooperation can provide a model for global trade rules.
Market response: After the news was announced, the Asia Pacific stock market generally rose, and the RMB exchange rate strengthened.
★ Subsequent arrangements
The working level of China and the United States will launch the first round of consultations in June, focusing on topics such as technical trade barriers and intellectual property protection.
Both sides plan to hold a new round of high-level talks in the second half of 2024.
For further details, please refer to the official statements from the Chinese Ministry of Commerce and the Office of the United States Trade Representative (USTR).
Main achievements of the talks
Establish an economic and trade consultation mechanism
Both sides agree to establish regular communication channels, including holding high-level talks on a regular basis, to coordinate economic and trade policies and resolve differences.
The specific details will be further finalized by the follow-up working group, aiming to enhance the predictability and stability of bilateral economic and trade relations.
★ Promote pragmatic cooperation in various fields
Macroeconomic policies: Both sides agree to strengthen coordination on macroeconomic issues such as monetary and fiscal policies, in order to avoid policy spillover effects that could impact the global economy.
Trade facilitation: Explore optimizing tariff measures, simplifying import and export processes, and helping enterprises reduce compliance costs.
Technology and Supply Chain: Engage in dialogue on key technologies, supply chain resilience, and other issues within the framework of their respective national security interests.
★ Highlights of China's statement
He Lifeng emphasized:
This meeting is an important step in implementing the consensus reached by the two heads of state, reflecting the principle of "seeking common ground while reserving differences and mutual benefit and win-win".
China is willing to expand market opening, but opposes "decoupling and disconnection", and calls on the US to handle its economic and trade restrictions on China rationally.
China US cooperation can be expanded to emerging fields such as climate change, green energy, and artificial intelligence.
Meaning for the Global Economy:
The current global economic recovery is weak, and as the top two economies, stabilizing bilateral relations between China and the United States can help alleviate global market uncertainty.
★ International community response
World Trade Organization (WTO): Director General Ibiza welcomes the progress of the talks, stating that "the multilateral trading system requires cooperation between China and the United States".
EU: Pay attention to the outcome of the talks and hope that China US cooperation can provide a model for global trade rules.
Market response: After the news was announced, the Asia Pacific stock market generally rose, and the RMB exchange rate strengthened.
★ Subsequent arrangements
The working level of China and the United States will launch the first round of consultations in June, focusing on topics such as technical trade barriers and intellectual property protection.
Both sides plan to hold a new round of high-level talks in the second half of 2024.
For further details, please refer to the official statements from the Chinese Ministry of Commerce and the Office of the United States Trade Representative (USTR).