China US Photo: VCG

The recent high-level economic and trade talks between China and the US have made substantial progress, acting like a "timely rain" that has greatly eased global concerns over escalating trade friction. The two sides agreed to significantly reduce bilateral tariff levels. The US will remove a total of 91-percent additional tariffs on Chinese products and China will accordingly cut 91-percent countermeasure additional tariffs against US imports. The US will suspend a 24-percent "reciprocal tariff" and China likewise will suspend a 24-percent countermeasure tariff. This move aligns with the expectations of producers and consumers in both countries, serves the interests of both nations and the world. It also demonstrates that, based on principles of mutual respect, peaceful coexistence and win-win cooperation, it is possible for China and the US to find proper solutions through equal-footed dialogue and consultation.

The Joint Statement on China-US Economic and Trade Meeting in Geneva, released on Monday, emphasized that both sides would move forward in the spirit of mutual opening, continued communication, cooperation, and mutual respect. The two countries also agreed to establish a mechanism to continue discussions about economic and trade relations. This marks a crucial step toward institutionalizing the solving of problems through dialogue and consultation on an equal footing. 

This also shows that through "fight" and "talk" during this period of time, the US now has a deeper understanding of the correct way to deal with China. The series of positive consensuses reached by the two sides will help Washington to fasten the "first button" in its perception of China and also make the world breathe a sigh of relief for the reality that "neither China nor the US wants to decouple."

Just like what some Western media have reported, the talks delivered a "surprising breakthrough" that has "far exceeded expectations," which immediately boosted global markets. Major stock exchanges in Asia, Europe and the Americas saw significant gains that day. WTO Director-General Ngozi Okonjo-Iweala said in a statement that she was pleased with the positive outcome of the talks, calling such progress important not only for the US and China, but also for the world, especially for the most vulnerable economies. "We hope this bodes well for the future." The Financial Times noted that although this agreement is just the first step toward "reaching a more permanent deal," it signals "the first sign of tension easing" between the world's two largest economies. Reuters cited an industry insider as saying, "This is a very good starting point." The wave of positive feedback from across the globe once again underscores that the essence of China-US economic relations is mutual benefit and win-win cooperation, and that dialogue and cooperation are the only correct choices for both sides.

From the widespread criticism and opposition triggered by the US' unilateral imposition of reckless tariffs, along with various domestic issues, such as product shortages and rising prices, to the widespread praise received following the release of the joint statement, facts have proven once again that there are no winners in a trade war, and there is no future in protectionism.

The outcome of the China-US high-level economic and trade talks not only reflects the solid foundation, diverse strengths, strong resilience and vast potential of China's economy, but also shows that China's countermeasures to the US' unilateral tariff policy were reasonable, advantageous and temperate. These actions have safeguarded China's own legitimate interests, but also demonstrated international fairness and justice, earning the world's respect.

The joint statement marks an important step by both sides to resolve differences through equal dialogue and consultation, laying the foundation and creating conditions for further bridging differences and deepening cooperation. However, many detailed issues still remain to be further negotiated. Hopefully, the US will build upon this round of talks, continue to work with China, move in the same direction, thoroughly correct the mistaken practice of unilateral tariff hikes, and continue to strengthen mutually beneficial cooperation. This is not only in the interests of the US' own development but also concerns its credibility and responsibility as a major power.

Also on Monday, China's Ministry of Commerce held a roundtable meeting with foreign trade enterprises, expressing its intent to provide more support for them to explore the Chinese market and promote the stable development of foreign trade. For China, the enduring principle of "focusing on running China's own affairs well" is the fundamental approach to coping with external changes. What is certain is that China will unswervingly adhere to high-level opening-up, increase efforts in technological innovation in an open environment, and further optimize the domestic business environment, enhancing the appeal of the Chinese market in a win-win cooperation scenario. 

When more American companies achieve greater success in the vast Chinese market, when more Chinese enterprises bring more job opportunities to the US, when the list of cooperation between the two countries grows longer and the cake of cooperation grows bigger, the value of dialogue rather than confrontation between China and the US will shine brighter and brighter.

As two major countries with different national conditions and in different development phases, it is inevitable that China and the US will have some divergences. The key lies in respecting each other's core interests and major concerns and finding proper ways to resolve problems. China-US relations should not become a zero-sum game in which one side wins and the other loses, or in which one side survives and the other doesn't, let alone a negative-sum game in which both sides lose. The two countries can well help each other succeed in a race to the top, and both develop themselves and prosper together on this vast planet.

The "breaking of the ice" in this round of trade negotiations not only brings new opportunities for the development of China-US relations, but also offers profound lessons and inspirations for the world. Hopefully, the Geneva talks will become a new example for China and the US to work hand in hand to inject more stability and positive energy into the world.