The Ministry of Commerce Photo: VCG
China and the US will continue dialogue on each other’s economic and trade concerns, following the progress made during the talks in Geneva, Switzerland, with updates on the newly agreed economic and trade consultation mechanism to be released in due course, according to a spokesperson for China’s Ministry of Commerce (MOFCOM) on Thursday.
“China and the US will maintain communication on their respective concerns in the economic and trade fields based on the consensus reached in the Geneva talks,” MOFCOM spokesperson He Yongqian told a press briefing, in responding to a question about the main points discussed in recent China-US trade exchanges and the key issues for upcoming discussions.
From May 10 to 11, Chinese Vice Premier He Lifeng, the Chinese lead person for China-US economic and trade affairs, held a high-level meeting with the US lead person Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer in Geneva.
The two sides conducted in-depth, candid and constructive communication on implementing the important consensus reached by the heads of state of the two countries on January 17, reached important consensus in several areas, made substantial progress in the talks, and issued a joint statement, the MOFCOM spokesperson noted.
As part of the outcomes of the trade talks in Geneva, in addition to agreements on tariff modifications, China and the US also agreed to establish a mechanism to continue discussions about economic and trade relations.
Asked about details of the China-US economic and trade consultation mechanism and the date for its first meeting at the press conference, He said that the Chinese side remains open to resolving trade concerns through dialogue and communication.
Based on the consensus reached during the China-US Geneva talks, both sides agreed to establish an economic and trade consultation mechanism to maintain communication on each other’s economic and trade concerns. The Chinese side will release relevant information in due course, the MOFCOM spokesperson said.
The new consultation mechanism will provide a more direct channel for China and the US to address economic and trade disputes, while creating room for future negotiations in order to achieve further consensus, He Weiwen, a senior fellow at the Center for China and Globalization, told the Global Times on Thursday.
China and the US share extensive common interests and broad space for cooperation, and economic and trade relations between the two nations are mutually beneficial and win-win in nature, He Weiwen noted.
