The Port of Houston in Texas, US. Photo: VCG

Chinese and US teams are working intensively to implement the outcomes outlined in the London Framework, an official with China's General Administration of Customs (GAC) said on Monday. 

Wang Lingjun, deputy head of the GAC, made the remarks at a press briefing on Monday in response to questions regarding China-US trade relations and future prospects.  

"We wish to reiterate that the Geneva Consensus and London Framework were hard-won. Coercion and intimidation are dead ends—dialogue and cooperation represent the only viable path forward," Wang told the press briefing.

"We hope the US will continue moving in the same direction as China, ensuring cooperation remains the defining feature of bilateral economic and trade relations, while working to restore fairness and openness in the global trading system and making due contributions to global economic recovery and growth," Wang added.

In the first half of the year, China's total trade with the US reached 2.08 trillion yuan ($290.16 billion), a year-on-year decline of 9.3 percent. In breakdown, exports amounted to 1.55 trillion yuan, down 9.9 percent, while imports totaled 530.35 billion yuan, down 7.7 percent, according to GAC data on Monday. 

Wang said that affected by the so-called reciprocal tariffs imposed by the US, China-US trade shifted from year-on-year growth in the first quarter to a decline in the second quarter, with a significant drop of 20.8 percent. However, he stressed that positive progress in the Geneva and London economic and trade talks has led to a recovery in China-US trade.

"In June, the total trade value rebounded to over 350 billion yuan from less than 300 billion yuan in May, with the year-on-year decline significantly narrowing," according to Wang.

The essence of China-US economic and trade cooperation is mutual benefit and win-win outcomes, the GAC official emphasized, saying that this aligns with the irreversible historical trend of globalization, the objective need for deep integration of industrial chains, and the practical demands for innovation, collaboration, and improved well-being for the people of both nations.

Global Times