In China’s capital city, Beijing, the Ministry of Commerce (MOFCOM) has given more information about the recent trade discussions between China and the United States. This happened during a visit by the US Commerce Secretary Gina Raimondo to China.
The trade ministers of both countries have agreed to meet at least once every year. They will have direct discussions about important matters without delay.
The ministry talked about how important it is to have good relations between China and the US. They also expressed their concerns about unfair taxes on things China sells to the US and punishments on Chinese companies.
They asked the US to stop these unfair actions, which have caused problems in the normal trade between the two countries and disrupted the way things work globally.
An expert named Zhang Hong said that even though progress was made in the talks, the emphasis on getting rid of taxes and punishments shows an important boundary.
This means China is firm in protecting its important interests in future talks. In simple words, China and the US talked about trade and decided to meet once a year, and China stood up for its important interests during the discussions.
China and the US have decided to create a special way of talking to each other about money and business matters. They want to make their conversations stronger.
The Chinese Commerce Minister Wang Wentao and the US Commerce Secretary Raimondo agreed to talk regularly, discuss important things quickly, and meet once every year. This was shared by the MOFCOM (Ministry Of Commerce People’s Republic Of China) on Thursday.
This special way of talking will include a group of important people from both countries. They will work together to solve problems and talk about business things. This group will have meetings every six months with important people from both sides. They will also invite representatives from businesses in both countries to join these meetings.
The group’s main goal is to help with problems that businesses from both countries have. They will work together to find answers to these problems. This was explained by Shu Jueting, who speaks for the MOFCOM (Ministry Of Commerce People’s Republic Of China) in a press conference.
Also, there will be a way for both countries to share information about controlling what gets sold to other countries. This will help them understand each other’s rules and talk better. They will only share information that follows their own rules. This will make it easier for businesses to know what’s allowed and what’s not, as Shu said.
Additionally, both countries will send experts to talk about protecting secrets and important business information. They want to make sure businesses’ private information is safe when they get licenses. This is what an official mentioned.
Talking about the meeting results, Shu explained that they’ve made new ways for China and the US to talk to each other. These ways are important platforms for their trade departments to have normal conversations.
This is a big step in making the relationship between China and the US more stable. It also helps businesses from both countries work together better.
Shu mentioned that China has some serious worries about things like the US Section 301 tariffs, rules about semiconductors, limits on investments, unfair subsidies, and punishments on Chinese companies.
China pointed out that when countries focus too much on their security, it makes it hard for trade to happen normally. Also, when countries use protectionist rules, it goes against the idea of fair competition. This hurts the global way things are made and how businesses work together.
These comments came after Raimondo finished her visit to Beijing and Shanghai, which was seen as successful. She said she hopes to see positive outcomes in the coming months because of her visit.
American businesses, that want to grow in China, are happy to see the new ways of talking. They said they’re encouraged because these channels will help make useful conversations happen.
China’s use of investments from the US increased a lot from January to July. This shows that many companies trust China even when things are uncertain.
Some foreign companies, including those from the US, want to expand in China after being involved for years. But the main problem is the unstable relationship between China and the US. To reduce the risks, it’s important to go back to the agreements made at the Bali Summit.
This would make the economic relationship between China and the US healthier and more steady. It would also help people feel more confident about trading and investing.
China is still dedicated to making changes and being more open. They want to create a fair international environment where rules are followed. They’re welcoming businesses from around the world, including the US, to invest and be part of their growth.