On August 28, Minister of Commerce Wang Wentao held talks with visiting Secretary of Commerce of the U.S. Gina Raimondo in Beijing. The two sides had rational, candid and constructive communication on China-U.S. trade and economic relations and issues of mutual concern, with the aim of implementing the important consensus of Chinese and U.S. presidents during their meeting in Bali, Indonesia last year.

Wang Wentao said that trade and economic relations serve as the ballast of the broader China-U.S. relationship, and that bilateral trade is significant both for the two economies and the world economy at large. China stands ready to work with the U.S. under the principles of mutual respect, peaceful coexistence and win-win cooperation to foster a sound policy environment for business cooperation and to boost bilateral trade and investment.

Wang Wentao expressed serious concerns over U.S. practices including Section 301 tariffs on Chinese exports, semiconductor policies, two-way investment restrictions, discriminatory subsidies, and sanctions targeting Chinese companies. Wang said that overgeneralization of national security is not conducive to normal trade and economic exchanges, and that unilateral and protectionist measures, which are inconsistent with market rules and the principle of fair competition, will only disturb the security and stability of global industrial and supply chains. As the U.S. has reiterated that it has no intention to seek decoupling with China, it is hoped that the U.S. translate its words into actions.

Recognizing the importance of open and productive dialogue between the United States and China in the economic and trade area, Minister Wang Wentao and Secretary Raimondo announced new communication channels between the U.S. Department of Commerce and Chinese Ministry of Commerce. They established a working group with U.S. and Chinese government officials at both the Vice Minister and Director General levels and involving business representatives to seek solutions to specific commercial issues. The working group will meet twice a year at the Vice Minister level. The Secretary and Minister agreed to meet regularly, at least once a year. Besides, they launched an export control information exchange that will serve as a mechanism for explaining respective export control systems and improving communication.The two sides will exchange information related to export control, in accordance with their respective laws.

The two sides discussed and agreed that experts from both sides will hold technical consultations on strengthening protection for trade secrets and confidential business information in administrative licensing.

(All information published on this website is authentic in Chinese. English is provided for reference only.)