China and US Trade Teams in Close Talks Amid Treasury Visit

China's Ministry of Commerce (MOFCOM) has reported that economic teams from China and the United States are engaged in close communication aimed at stabilizing trade relations and fostering mutual cooperation. This dialogue is occurring across various levels through established economic and trade consultation mechanisms.

He Yadong, a spokesperson for MOFCOM, made these comments in the context of US Treasury Secretary Scott Bessent's recent visit to China, where discussions were held to set the stage for an upcoming high-level meeting. Bessent leads the US delegation in the ongoing consultations.

According to He, both countries are committed to collaborating effectively, working in line with the consensus reached during discussions between their respective leaders in Busan, South Korea. The emphasis remains on principles of equality and mutual benefit, with a focus on enhancing dialogue, managing differences, and expanding practical cooperation.

Wu Xinbo, director of the Center for American Studies at Fudan University, highlighted that the continuous engagement between the two sides reflects their intention to implement the agreements made following the leaders' prior meetings. He stressed that there has been a persistent effort to bolster bilateral economic relations.

Recent discussions, including those between Chinese Vice Premier He Lifeng and Bessent at the World Economic Forum in Davos, Switzerland, signify the intent of both nations to stabilize and improve economic ties, which will also facilitate high-level exchanges.

Amidst rising global geopolitical tensions and ongoing inflationary challenges in the United States, experts suggest that effective management of these differences could be mutually beneficial, particularly for the US in stabilizing market expectations.

Companies continue to express their commitment to long-term investment in China. For example, Li Chenggang, China's international trade representative, recently met with Dan Sumner, CEO of Westinghouse Electric Co, to discuss the company's development goals within China's market.

Li emphasized that Westinghouse has been engaged in the Chinese market for over fifty years, highlighting a history of mutual success as China prepares for further opening under its 15th Five-Year Plan, which aims to enhance the business environment for foreign firms.

Sumner elaborated on Westinghouse's long-term cooperative relationship with China, noting their collaboration in energy technology has significantly benefited the welfare of the public. The company aims to deepen its cooperation to achieve benefits for both nations in trade relations.

Huo Jianguo, vice chairman of the China Society for World Trade Organization Studies, remarked on the vast opportunities presented by China's large market and its comprehensive industrial supply chains, which are crucial for foreign companies, including those from the US, aiming to expand their global footprint.