Wang Wentao (right), China's Minister of Commerce, shakes hand with Stephen Schwarzman, Chairman and CEO of Blackstone, during their meeting on October 16, 2025. Photo: Ministry of Commerce

Wang Wentao, Minister of Commerce of China, met with Stephen Schwarzman, Chairman and CEO of Blackstone on Thursday, according to the Ministry of Commerce (MOFCOM) on Friday. The two sides exchanged views on China-US economic and trade relations and other related issues.

Wang said that under the strategic guidance of the two heads of state, the economic and trade teams of both countries have held four rounds of talks since May, reaching a series of important consensuses and outcomes that have effectively helped stabilize bilateral economic and trade relations, per a MOFCOM news release on its official website.

However, he pointed out that following the China-US economic and trade talks in Madrid, the US has introduced a series of restrictive measures against China, seriously harming China's interests. "China has the right to take necessary measures to firmly safeguard its legitimate interests," Wang said.

"We hope that the US would work with China to follow the important consensus reached during the leaders' phone call, engage in equal-footed dialogue and consultation, and properly resolve differences," Wang noted.

Schwarzman said that China-US relations are of vital importance to both countries and the world, and that both sides should strengthen communication to eliminate misunderstandings and misjudgments, per the release.

Schwarzman stressed that further escalation of tensions is not in the interest of either side, and expressed his willingness to act as a bridge to promote stable, healthy, and sustainable development of bilateral economic and trade relations.

Global Times