Nansha port in Guangzhou, south China's Guangdong Province. Photo: IC

On March 13, a piece of news quickly made global headlines. China's Ministry of Commerce announced that the sixth round of China-US economic and trade consultations will soon be held in France.

This will mark a new round of talks under the framework of the China-US economic and trade consultation mechanism, following previous meetings in Geneva, London, Stockholm, Madrid and Kuala Lumpur.

This year is widely viewed as pivotal for China-US relations. Whether bilateral economic and trade ties can continue the stabilizing momentum that the world hopes to see makes this round of consultations particularly significant.

China's "two sessions," the annual sessions of the country's top legislature – the National People's Congress, and top political advisory body, the Chinese People's Political Consultative Conference – have just concluded. A key outcome of the "two sessions" this year was the review and approval of a draft outline of the 15th Five-Year Plan (2026-2030). The document charts China's development blueprint for the next five years and also presents the international community with a new list of opportunities.

The plan outlines China's commitment to coordinating foreign investment attraction with outbound investment. This aims to cultivate new advantages in international trade and two-way investment cooperation, enhance efforts to attract and utilize foreign investment, and promote international industrial and investment collaboration.

As China enters the 15th Five-Year Plan period, the country will steadily advance high-quality development and remain firmly committed to expanding high-level opening-up. In doing so, it will continue to unlock the potential of its enormous market and provide businesses from around the world with new opportunities.

American companies are, naturally, among the partners welcomed by China. This is one reason why the "two sessions" have drawn broad attention across the US. As a report on the website of CNN noted, a message coming from Beijing is that China's push for innovation-driven development will benefit the world.

American businesses are eager to seize the new opportunities arising from China-US cooperation. Whether these opportunities can materialize, however, largely depends on how the US government handles its economic and trade relationship with China.

Recently, US trade policy has been undergoing a reset, yet its protectionist tendencies remain unchanged, adding fresh uncertainty to the global economic and trade order.

Last month, the US Supreme Court ruled that certain tariffs imposed by the US were unlawful. Since then, citing Section 301 of the US Trade Act of 1974, the US side has launched new investigations into 16 major economies, including China, and 60 economies respectively, on the grounds of so-called "overcapacity" and the alleged failure to take action against so-called "forced labor."

The news has triggered widespread concern, and within the United States itself it has also drawn considerable criticism. The reason is simple: American companies have long borne the brunt of tariff shocks. 

Research by the Federal Reserve Bank of New York indicated that about 90 percent of the "tariff costs" in the US in 2025 were borne by American consumers and businesses. A report by the JP Morgan Chase Institute likewise said that mid-sized US companies have been hit particularly hard by tariffs, with their monthly tariff expenditures now tripling previous levels.

Whether to uphold openness and cooperation or resort to protectionism – this question once again confronts the US. China's answer remains consistent: the essence of China-US economic and trade relations is mutual benefit and win-win cooperation. The two sides should enable each other's success and pursue common development, rather than impose artificial constraints or tie their own hands.

The stabilization of China-US economic and trade relations has not come easily, and this momentum should not be undermined. Over the past year, the economic and trade teams of the two countries have held five rounds of consultations. Despite twists and turns, the two sides ultimately returned to the right track of resolving differences through dialogue, sparing the world economy from a potential storm.

Through both friction and dialogue, valuable experience has been gained in managing economic and trade differences. Given the immense scale and scope of China-US economic and trade ties, disagreements and frictions in specific areas are inevitable.

When facing such issues, both sides should uphold the principles of equality, mutual respect and mutual benefit, focus on the big picture, and not exaggerate isolated issues. Both sides should look at the overall interests and take a long-term perspective, ensuring that economic and trade ties continue to serve as a ballast and engine for China-US relations, rather than becoming stumbling blocks or sources of confrontation.

As the new round of consultations approaches, China's position is clear: China has always been committed to properly resolving differences through consultations on an equal footing and will never compromise its legitimate rights and interests in exchange for concessions. Should any action substantially harm China's legitimate development interests, China has ample policy tools and response measures at its disposal and will resolutely take countermeasures.

In the long run, China's development and rejuvenation are not contradictory to the US' pursuit of making itself great again. Both China and the United States are major countries; neither can change the other side, but they can change the way they interact. Upholding mutual respect, safeguarding the bottom line of peaceful coexistence, and striving for a future of win-win cooperation serve the interests of both peoples and meet the expectations of the world. The new round of China-US economic and trade consultations should become the starting point for positive and constructive economic engagement between the two countries in the new year.

(Zhong Sheng is a pen name often used by People's Daily to express its views on foreign policy and international affairs.)