Chinese international trade experts have welcomed the substantive progress made in the high-level meeting on economic and trade affairs between China and the U.S., saying that the outcomes meet the expectations of producers and consumers in both countries, and serve the interests of the two countries and also the common interests of the world.
Over the weekend, Chinese Vice Premier He Lifeng, the Chinese lead person for China-U.S. economic and trade affairs, held a high-level meeting with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer in Geneva.
The two sides conducted in-depth, candid and constructive communications on implementing the important consensus reached by the heads of state of the two countries on Jan 17, and reached a series of major agreements.
"It's quite gratifying to see that the talks have achieved such results within two days. I think it has exceeded the expectations of many people, including the market. For the United States, it is under pressure from the market, from consumers and from producers, even from its ports, so it can't afford to waste any time. In this case, China is actually very determined," said Zhao Zhongxiu, president of the University of International Business and Economics.
In the joint statement issued by China and the U.S., both sides clearly pointed out the importance of bilateral economic and trade relations to the two countries and the global economy, as well as the importance of maintaining a sustainable, long-term and mutually beneficial bilateral economic and trade relationship. They also proposed a consultation mechanism for restoring economic and trade relations.
Experts say that this move will help in resolving remaining differences between the two countries.
"I think both sides have great sincerity. It is of vital importance that China and the United States have established a mechanism for economic and trade consultations. With such a cooperative mechanism, we won't deviate too far from the track. The U.S. side should also be clear that imposing tariffs is not a solution to the trade frictions between China and the U.S. Instead, both sides should work together, respect each other, negotiate on an equal footing, treat each other candidly and achieve win-win cooperation," said Liu Ying, a researcher from the Chongyang Institute for Financial Studies of the Renmin University of China.
According to the details of the statement, both China and the U.S. commit to remove 91 percent tariffs and suspend 24 percent tariffs for 90 days while retaining the remaining 10 percent tariffs. On this basis, the two sides will continue to negotiate on economic and trade relations.
"The talks have cooled down the trade war between China and the United States and prevented it from escalating. On such a basis, a considerable part of the differences between the two sides can be resolved. This is a step in the right direction, which is beneficial to the entire world economy and the economic and trade relations between China and the United States," said Cui Fan, director of research at the China Society for World Trade Organization Studies.
China-US trade talks conductive to bilateral relations, world economy: experts
