China US

Chinese Vice Premier He Lifeng, also a member of the Political Bureau of the Communist Party of China Central Committee, will lead a delegation to Malaysia from October 24 to 27 to hold economic and trade consultations with the US side, China's Ministry of Commerce announced Thursday.

The two sides will hold consultations on important issues in China-US economic and trade ties in accordance with the important consensus reached by the heads of state of the two countries during their phone calls this year, a ministry spokesperson said in a statement. 

The announcement came after He Lifeng, also Chinese lead person for China-US economic and trade affairs, held a video call on October 18 with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer, during which the two sides agreed to hold a new round of economic and trade consultations as soon as possible, according to the Xinhua News Agency.

The upcoming meeting in Malaysia also follows trade talks between Chinese and US delegations in Madrid, Spain in September, during which the two sides engaged in candid and in-depth discussions on the issue of TikTok and the relevant concerns of the Chinese side, with the two sides reaching a basic framework consensus on resolving issues related to TikTok through cooperation, reducing investment barriers and promoting relevant economic and trade cooperation, Xinhua reported.

"This round of China-US economic and trade consultations continues previous talks, aiming to further implement the outcomes and consensus achieved. The discussions cover a wide range of topics, but translating them into concrete, actionable measures requires more precise policies and guidance," Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Thursday.

He Weiwen, a senior fellow at the Center for China and Globalization, highlighted the meeting's particular importance and urgency, as it comes at a critical juncture. 

"Following the Madrid talks, the US introduced a batch of unilateral restrictive measures targeting China, including expanding the scope of control over businesses with the Affiliates Rule and persisting with the implementation of Section 301 measures targeting China's maritime, logistics and shipbuilding industries," He Weiwen said, noting that these moves not only complicated and exacerbated issues but also undermined the significance of the previous talks.

Regarding the recent US hype over rare-earth issues, MOFCOM has repeatedly stated that China's export controls do not prohibit exports and that applications that meet the regulations will be approved. Prior to the announcement of these measures, China had notified relevant countries and regions through bilateral export control dialogue mechanisms, the ministry noted.

Zhou urged the US to respect basic facts and rationally adjust its policies, in order to jointly maintain the stability and resilience of global industrial and supply chains.

"Overall, under the current circumstances, the willingness of China and the US to engage in further consultations and communication sends a relatively positive signal. However, the US side must take China's concerns seriously, sit down for talks on an equal footing to seek cooperation and consensus," He Weiwen told the Global Times.

Win-win results

In recent days, Chinese officials have met with a number of US company executives visiting China.

On October 16, Chinese Commerce Minister Wang Wentao met with Apple CEO Tim Cook in Beijing. Cook noted that a sound US-China economic and trade relationship is of great significance not only to both countries but also to global economic stability and development, adding that Apple stands ready to make positive contributions to promoting win-win cooperation between China and the US.

On the same day, Wang met with Stephen Schwarzman, Chairman and CEO of Blackstone. 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.

According to MOFCOM on Thursday, Chinese Vice Commerce Minister Sheng Qiuping also on October 16 met with Dan Bartlett, executive vice president of corporate affairs for Walmart, during which Bartlett said that Walmart attaches great importance to the Chinese market and believes that all countries should engage in trade and seek win-win cooperation through collaboration. 

He Weiwen noted that China has consistently and unwaveringly promoted high-level opening-up, continuously optimizing the business environment to enable foreign enterprises, including those from the US, to share in China's development opportunities.

"Meanwhile, during previous talks, China has consistently demonstrated sincerity in actively addressing issues and frictions within the framework of multilateralism. The Chinese side will also resolutely safeguard its own rights and interests," He Weiwen said.

History has shown that US unilateral measures such as imposing tariffs are not effective means of resolving issues. China has consistently emphasized that the door to negotiations is always open. The US side should correct hegemonic practices and absurd rhetoric in order to jointly maintain a stable, healthy, and sustainable China-US economic and trade relationship, which is also what the world most hopes to see today, Li Yong, a senior research fellow at the China Association of International Trade, told the Global Times on Thursday.