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BEIJING. – China’s Ministry of Commerce (MOFCOM) said yesterday that China and the US have started “normal communication” in the economic and trade fields, and will work together to solve “specific problems” in a practical manner for producers and consumers.
While there are major differences between the two countries over a wide range of issues, the most pressing issue for both sides to address is punitive tariffs, Chinese trade analysts noted, calling for efforts to gradually lower or remove tariffs imposed over the past three years.
Following two dialogues between senior Chinese and US trade and economic officials in less than a week, the announcement from the MOFCOM marks a major shift in engagement between officials of the world’s two biggest economies, which has been notably stalled for months since US President Joe Biden took office in January.
At a routine press conference yesterday in Beijing, Gao Feng, a spokesperson for the MOFCOM, offered further details about the latest conversations via phone or video link and said that initial communication between the two sides were smooth.
“Both parities thought that the exchanges were professional, candid and constructive. China and the US have started normal communication in economic and trade fields,” Gao said, stressing that in both dialogues, both sides adopted an attitude of equality and mutual respect – a crucial basis for talks insisted by Chinese officials.
Chinese Vice Premier Liu He held a virtual meeting with US Treasury Secretary Janet Yellen on Wednesday, which followed a phone call between Liu and US Trade Representative Katherine Tai just six days earlier, on May 27.
Both meetings lasted around 50 minutes and both sides exchanged views on the general situation of bilateral economic and trade relations, domestic policies and other issues.
Going forward, for the sake of the two countries and the entire world, the two sides agreed to resolve “specific problems” in a pragmatic manner for producers and consumers and promote the sound and stable development of China-US economic and trade relations, Gao said.
“Tariffs are the biggest and most direct issue confronting China-US relations, and specific moves are required to gradually reduce or remove the punitive tariffs that have been imposed over the past three years,” said Tu Xinquan, dean of the China Institute for WTO Studies at the University of International Business and Economics in Beijing. – Global Times.
Online Reporter