China-US trade and economic relations do not only concern the two countries, but also have a global impact and draw wide attention. To further implement the important consensus of the two presidents in Bali, US Commerce Secretary Raimondo visited China from August 27 to 30 at the invitation of Minister Wang Wentao of Commerce.

On August 28, Minister Wang Wentao and Secretary Raimondo held talks and reached specific and practical outcomes. China and the US agreed to establish multi-tiered communication channels between the commerce authorities to strengthen communication on the trade and economic front. First, Minister Wang Wentao and Secretary Raimondo agreed to stay in regular communication with timely and direct discussion on important issues and meet at least once a year. Second, the two sides will set up a working group with US and Chinese officials at Vice Minister and DG levels, which will meet twice a year at the Vice Minister level and involve business representatives from both sides. The working group will focus on the concerns of the two business communities and commit itself to exploring solutions to specific commercial issues. Third, the two sides launched an export control information exchange as a mechanism for explaining respective export control regimes and improving communication. The two sides will conduct exchanges on export control in accordance with their respective laws. The mechanism will help both governments strengthen understanding of and communication on each other’s export control policies and express business communities’ concerns.

The establishment of these communication channels provides important platforms for the commerce authorities of both sides to have institutionalized and regular discussions on trade and economic issues of concern. It is a major move to stabilize Sino-US commercial relations and create an enabling environment for practical cooperation between the two countries’ business communities.

Besides, the two sides discussed and agreed to have experts engage in technical consultations on strengthening protection of trade secrets and confidential business information in the course of administrative licensing.

Minister Wang Wentao and Secretary Raimondo had a rational, practical, professional and in-depth exchange on trade and economic issues of concern to the two sides. China expressed serious concern about US Section 301 tariffs, semiconductor policy, two-way investment restrictions, discriminatory subsidies and sanctions on Chinese companies, emphasizing that generalizing national security is not conducive to normal commercial exchanges. Unilateral and protectionist measures breach market rules and fair play, will only serve to undermine global industrial chain and supply chain security and stability, and dampen business expectations and atmosphere for cooperation. Recently, some foreign-invested companies, including those from the US, reported to us that they had cultivated the Chinese market for decades and were keen to expand business in China. That said, the biggest risk facing their investment and operations in China was Sino-US relations, significantly increasing instability over business expectations. We believe that the best derisking is to return to the two presidents’ consensus in Bali and bring Sino-US trade and economic relationship back to a healthy and stable track to tap its role of ballast, stabilize business expectations, and boost business confidence in trade and investment.

China is committed to its basic state policy of reform and opening up and works to build a market-oriented, law-based and worldclass business environment. From January to July, China’s paid-in investment from the US was up 25.5% year-on-year, speaking to US companies’ confidence in China’s business environment. Recently, the State Council announced 24 policy measures in 6 categories in the Opinions to Further Optimize the Environment for Foreign Investment and Increase Efforts to Attract Foreign Investment to create a more favourable investment environment for foreign investors. At present, MOFCOM is working with related departments and localities to deliver the measures. China will only open its door to the outside world wider and wider and continue to welcome companies from across the world, including the US, to invest and share in development opportunities in China. Thank you.