The Ministry of Commerce of China File photo: VCG

The competent Chinese authorities have shared information on the initial outcomes of China-US economic and trade consultations. Guided by the common understandings between the two presidents, the two sides will lock in the outcomes expeditiously and work together to ensure their execution, injecting more certainty and stability into bilateral economic and trade cooperation and the world economy, Chinese Foreign Ministry spokesperson Guo Jiakun said on Wednesday when responding to a question regarding that the White House said China has agreed to purchase $17 billion worth of US agricultural products annually through 2028, excluding soybeans.

The Chinese and US delegations on May 13 held candid, in-depth and constructive exchanges in South Korea on economic and trade issues of mutual concern, as well as on further expanding practical cooperation. 

MOFCOM on Wednesday elaborated on the eight preliminary outcomes that China and the US reached in their economic and trade consultations, which cover issues including tariff arrangements, expanding agricultural product trade, extension of the joint arrangement for economic and trade consultations in Kuala Lumpur, rare earth export control issues, Boeing aircraft purchases as well as market access for agricultural products, according to the statement it published on the MOFCOM website on Wednesday.

In response to a question on details regarding the consensus China and the US reached on relevant tariff arrangements, an official from the Department of American and Oceanian Affairs of MOFCOM said on Wednesday said it is hoped that the US side would honor its commitments, and in the future, regardless of imposing or replacing tariffs on Chinese goods on any grounds, the level of US tariffs on China must not exceed the level agreed upon in the joint arrangements reached during the economic and trade talks in Kuala Lumpur, Malaysia in October 2025.

Regarding a question on the consensus China and the US reached on expanding two-way trade, particularly agricultural trade, the official said that through consultations, the two sides have reached a series of positive consensuses on addressing non-tariff barriers and market access issues for certain agricultural products.

When asked to comment on the White House statement that China will address US concerns regarding supply chain shortages related to rare earths and other critical minerals, including yttrium, scandium, neodymium, and indium, and US concerns regarding prohibitions or restrictions on the sale of rare earth production and processing equipment and technologies, the official said that the China-US economic and trade teams have conducted thorough communication and exchanges on relevant export control issues, and the two sides will jointly study and resolve each other's legitimate and lawful concerns.

In accordance with the important consensus reached between heads of state of China and the US, China's aviation industry, based on its own aviation transport development needs, will import 200 Boeing aircraft in accordance with commercial principles, the official said, in response to a question asking to provide more details on US President's claim that China has agreed to purchase 200 Boeing aircraft.

Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Wednesday that the outcomes reached are reciprocal, balanced and comprehensive, and also address areas that are of great concern to both sides. 

"This sends a positive signal as it demonstrates that the China and the US, as two major countries, can find solutions to their problems and manage certain differences through consultations and dialogues in the spirit of mutual respect, equality and mutual benefit," Zhou said. 

The positive outcomes of the consultations have continued to dominate the global spotlight in recent days, with major international media outlets chasing every detail of the consultation results and publishing in-depth analyses on the outcome's far-reaching implications. A Bloomberg report said that the agreements on levies underscore "how ties between the world's two largest economies are further stabilizing after the historic meeting of the two leaders."

"A stable relationship between China and the US is not only of great significance to both countries as it sets tone for bilateral cooperation, but is also a major boon for the entire world. From a global perspective, the most critical point is to establish a basic framework for strategic stability between China and the US, to inject much-needed certainty into global development," Gao Lingyun, a research fellow at the Chinese Academy of Social Sciences, told the Global Times on Wednesday.

The Chinese side has shown its sincerity, and it is hoped that the US will take a responsible approach by earnestly honoring and strictly implementing the consensus and results achieved during the latest consultations, thereby delivering benefits to the people of both countries and the world as a whole, Zhou stressed.