China and US Reach New Trade Consensus Amid Paris Talks

China and the United States have successfully established new agreements during recent economic talks held in Paris, according to a statement from the Ministry of Commerce (MOFCOM) on Thursday. These consultations come on the heels of two days of discussions that took place earlier this week, underscoring the importance of stabilizing trade relations between the two nations.

During a press briefing, a ministry spokesperson provided insights into the discussions, noting that the talks occurred on March 15-16, wherein China's Vice Premier He Lifeng met with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer to address various economic and trade issues.

Guided by a significant agreement reached by their respective heads of state, the two delegations engaged in open and constructive dialogue on a range of topics, including tariff arrangements, bilateral trade enhancement, and the maintenance of existing consultation frameworks. The spokesperson mentioned that some new agreements were successfully established, with follow-up consultations planned.

Both parties recognized the importance of creating a mechanism to bolster economic and trade collaboration. They agreed to continue utilizing the existing China-US consultation framework effectively, while strengthening dialogue to manage differences and to promote practical cooperation that leads to sustainable improvement of bilateral economic and trade relations.

When questioned about reports suggesting that the Chinese government had approved certain companies to acquire Nvidia H200 chips, the spokesperson indicated that she did not have knowledge regarding those specific developments.

Experts highlight the significance of the recent trade talks between China and the United States, noting that the economic ties between these two powerhouses are crucial not just for their own economies but also for the stability of the global economy. Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, asserted that the discussions were essential for maintaining stability amid uncertainty.

Furthermore, Zhou emphasized that it is imperative for both nations, particularly the US, to focus on addressing key issues through ongoing dialogue and consultations. He urged both sides to broaden their cooperative efforts in ways that enhance predictability across global supply chains.

The outcomes of the Paris meetings, described as thorough and productive, serve to reinforce the economic relationship between the two largest economies in the world, creating an essential stabilizing force at a time of increasing global unpredictability.