LONDON: China and the United States have agreed in principle on the framework for implementing the consensus reached by the two heads of state during their phone talks on June 5 and at Geneva talks last month, said Li Chenggang, China’s international trade representative and vice commerce minister, on Tuesday.
He made the remarks when briefing the press following the first meeting of the China-U.S. economic and trade consultation mechanism in London.
The Chinese and U.S. teams held “professional, rational, in-depth and candid” discussions on economy and trade on Monday and Tuesday, he said.
Li said it is hoped that progress made at the London meeting will be conducive to strengthening trust between China and the United States, further promoting the steady and healthy development of economic and trade ties between the two countries. He said he hopes the meeting will inject positive energy into global economic growth.
China and the US held candid and in-depth talks, and thoroughly exchange views on economic and trade issues of mutual concern during their first meeting of the China-US economic and trade consultation mechanism held in London from Monday to Tuesday.
The two sides reached principled agreement on implementing the important consensus reached by the two heads of state during their phone call on June 5 and the framework of measures to consolidate the outcomes of the economic and trade talks in Geneva, and made new progress in addressing each other’s economic and trade concerns, according to the report.
China’s Vice Premier He Lifeng, who attended the meeting, stated that it was an important consultation held under the guidance of the strategic consensus reached by the two heads of state on June 5. He emphasized that China’s position on China-US economic and trade issues is clear and consistent. The essence of China-US economic and trade relations is mutual benefit and win-win, according to the report.
Cooperation benefits both sides, while confrontation harms both. He stated that there are no winners in a trade war – China doesn’t seek conflict but won’t be intimidated by one. The two sides should resolve trade differences through equal dialogue and mutually beneficial cooperation. China approaches these consultations with both sincerity and principle, He said.
Looking ahead, both sides should follow the consensus and requirements set out during the phone talks by the two heads of state, further make good use of the consultation mechanism, deepen consensus, reduce misunderstandings, and strengthen cooperation, He noted.
China reiterated that both sides should meet each other halfway, honor commitments, take action on consensus to safeguard hard-won dialogue outcomes, continue to maintain communication and dialogue, and work toward a stable and constructive China-US economic and trade relations – one that brings more certainty and stability to the global economy, the Chinese vice premier said, according to the report.
The US side said that the meeting yielded positive outcomes and further stabilized bilateral economic and trade relations, and the US will work with the Chinese side in the same direction, in line with the requirements set out during the phone talks between the two heads of state, to jointly implement the consensus reached at this meeting, according to the report.
