Removing trade, investment barriers key objective for the two economies
China and the United States are set to convene their first vice-ministerial level dialogue on trade and commerce in the first quarter of 2024 and will support business cooperation between Chinese provinces and US states in the next phase, following a meeting between their top commerce officials.
During his meeting with US Secretary of Commerce Gina Raimondo in San Francisco on Thursday, Chinese Commerce Minister Wang Wentao said China is willing to work with the US to implement the consensus reached during the meeting between the presidents of the two countries in San Francisco, according to a statement released by China's Ministry of Commerce on Friday.
The statement said this marks the first ministerial-level meeting under the communication and exchange mechanism of the two countries' commerce departments. The two sides engaged in practical, constructive and productive communication on Sino-US economic and trade relations, as well as issues of mutual concern regarding economic and trade matters.
Wang said that both parties should adhere to principles of mutual respect, peaceful coexistence and cooperation for win-win results. They can better utilize the communication channels established between their commerce authorities effectively, strengthen dialogue, manage differences and create a favorable environment for bilateral trade, investment and cooperation.
According to the statement, the two sides had in-depth exchanges on national security issues in the economic and trade realm during the meeting.
In the meantime, the Chinese commerce minister emphasized that the broadening and politicization of national security concerns are impacting normal trade and investment exchanges. Establishing boundaries for national security considerations in the economic and trade domain is crucial.
Wang also expressed concerns about issues such as the final rules on US semiconductor export controls to China, sanctions affecting Chinese companies, restrictions on bilateral investment and the US Section 301 tariff measures on China.
Emphasizing that harmonious Sino-US business ties contribute to the growth of US companies operating in China, Nathaniel Madarang, president for the Asia-Pacific region at Good-year Tire & Rubber Co, said the group will continue to invest and conduct local innovation activities in the Chinese market.
"Based on the diversified needs of Chinese consumers, we have improved our offerings in the country's fastest-growing electric vehicle market segment," Madarang said.
Sharing similar views, Liu Chang, vice-president of Cargill Investments (China), the Chinese branch of the US agriculture and food company Cargill Inc, said,"Nearly one-fifth of Cargill's consumers are in China, and the country is an extremely important market for us."
Whether it is raw materials or processed goods, China's vast consumer base provides a huge market for agricultural products, giving the country a core position in the global agricultural supply chain, Liu said.