Delegations of China and the US pose for a group photo prior to the first meeting of the China-US economic and trade consultation mechanism in London, Britain, June 9, 2025. Photo: Xinhua

The first meeting of the China-US economic and trade consultation mechanism that was held in London has led to new progress in addressing each other's economic and trade concerns, according to a release by the Chinese side.  

Chinese Vice Premier He Lifeng urged the US to work with China to honor their words with actions, and demonstrate sincerity in keeping commitments and concrete efforts to implement consensus, so as to jointly safeguard the hard-won outcomes of dialogue, according to the release.

He made the remarks during the first meeting of the China-US economic and trade consultation mechanism held in London from Monday to Tuesday with US lead person Treasury Secretary Scott Bessent, US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer.

A Chinese analyst said that China-US economic and trade consultations have achieved new progress, laying a foundation for both sides to promote a stable and predictable development of bilateral economic and trade relations. However, the analyst noted that for the consensus to yield concrete outcomes, the US must honor its commitments and meet China halfway to safeguard the progress achieved so far, which is vital for upholding market trust and its credibility. 

During the talks in London, the two sides held candid and in-depth talks, and thoroughly exchanged views on economic and trade issues of mutual concern, read the release. 

The two sides reached principled agreement on implementing the important consensus reached by the two heads of state during their phone call on June 5 and the framework of measures to consolidate the outcomes of the economic and trade talks in Geneva, and made new progress in addressing each other's economic and trade concerns, according to the release. 

Calling the meeting an important consultation held under the guidance of the strategic consensus reached by the two heads of state on June 5, He said that China's position on China-US economic and trade issues is clear and consistent. The essence of China-US economic and trade relations lies in mutual benefit and win-win.  

Cooperation between China and the US in the economic and trade field benefits both sides, while confrontation harms both. There are no winners in trade wars, He said, adding that China does not seek conflict but will not be intimidated by one.

He urged the US to resolve trade disputes with China through equal dialogue and mutually beneficial cooperation, adding that while China is sincere in pursuing economic and trade consultations, it also has its principles, according to the release. 

Next, the two sides should, in accordance with the important consensus and requirements reached by the two heads of state during their phone call, make better use of the China-US economic and trade consultation mechanism, and work to enhance consensus, reduce misunderstanding and strengthen cooperation, He said.

The two sides should maintain communication and consultation, and promote the steady and sustained growth of China-US economic and trade relations, so as to inject more certainty and stability into the world economy, He added.

The US side said that the meeting had achieved positive outcomes and further stabilized bilateral economic and trade relations, adding that the US side would walk in the same direction as China in accordance with the requirements of the phone call between the two heads of state to jointly implement the consensus reached at this meeting, according to the release. 

When briefing the press following the first meeting of the China-US economic and trade consultation mechanism held in London, Li Chenggang, China international trade representative with the Ministry of Commerce and vice minister of commerce, said on Tuesday (local time) that China and the US have over the past two days conducted professional, rational, in-depth and candid exchanges.  

It is hoped that progress made at the London meeting will be conducive to strengthening trust between China and the US, and to further promoting the steady and healthy development of economic and trade ties between the two countries, he said, adding that the meeting also adds positive energy to global economic growth. 

Positive signal

"The meeting between Chinese and US trade officials in London embodies two important aspects, including that they agree to implement the consensus reached between the two heads of state during their recent phone talk, and that they conduct candid dialogue in London with respect," He Weiwen, a senior fellow at the Center for China and Globalization, told the Global Times on Wednesday.

This lays a foundation for both sides to boost stable and predictable development of bilateral economic and trade relations, He Weiwen said, noting that in the future there are likely to be more rounds of talks between trade officials from the US and China.

Bao Jianyun, dean and professor of the Department of International Politics, School of International studies at Renmin University of China, told the Global Times on Wednesday that China and the US reaching further agreement in London, following the consensus made in Geneva in May, serves as an anchor for promoting the economic development of the whole world amid uncertainty and chaos caused by the US' sweeping tariffs on its trade partners over the past several months.

It underscores that as a large emerging economy, China firmly supports the multilateral trading system and strives to make greater contributions to globalization and free trade while providing quality products to all people across the globe, Bao said.

On a further note, Bao said that the recent China-US consultations produced tangible results, with one of the most significant being the establishment of a consultation mechanism between the two major trade partners. "This development offers both sides the opportunities to iron out trade issues, and try to stabilize bilateral trade relations," he said.

Bao said that it also offers a viable path toward improving global trade relations and resolving related frictions, adding more positive energy to the development of global economy.   

According to a new survey released by the American Chamber of Commerce in China, although tariffs pose rising challenges to US companies in China, most companies are not planning to exit China, with none report shifting production back to the US.

"Following the meeting between China and the US, both sides should place greater emphasis on the market, which requires respecting market rules, implementing consensus, and reducing administrative intervention to stimulate the complementary strengths of the markets and enterprises of both countries," Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Wednesday.

Zhou noted that it requires not only joint efforts but also sustained and continuous implementation from both sides to translate the consensus reached into tangible outcomes.

In this regard, the US should avoid saying one thing while doing another, Zhou said. As a major trade partner, the US should not unilaterally change or abandon its commitments, and instead, the US should respect rules and ensure the sustainability of trade commitments, which is of great significance for upholding market trust and its credibility, he said.

"However, structural trade conflicts between China and the US persist, so China should maintain strategic patience and make preparations in advance," Bao said.