Following the meeting between the Chinese and US heads of state on May 14, China’s Ministry of Commerce (MOFCOM) announced that the two sides have achieved generally balanced and positive outcomes in economic and trade cooperation. These developments are expected to inject greater certainty and stability into the global economy.
According to a spokesperson for the Chinese commerce ministry, the leaders’ meeting in Beijing provided crucial strategic guidance for the future of bilateral trade. President Xi Jinping emphasized that the essence of China-US economic and trade relations is mutual benefit and win-win cooperation.
Building on preparatory talks held in South Korea on May 13, the two teams engaged in candid and constructive dialogues. The spokesperson outlined five key preliminary achievements:
- Tariff Arrangements: Both sides reached a positive consensus on tariff arrangements and agreed to continue implementing outcomes from previous consultations.
- New Communication Mechanisms: A Trade Council and an Investment Council will be established to address respective concerns. In principle, both sides agreed to reduce tariffs on products of mutual concern on a reciprocal scale.
- Market Access & Agriculture: Efforts will be made to resolve non-tariff barriers. The US will address Chinese concerns regarding dairy, aquatic products, and bonsai exports, while China will facilitate US beef facility registration and poultry exports from certain states.
- Expanding Bilateral Trade: Both nations agreed to promote two-way trade, including in the agricultural sector, through mutual tariff reductions on a specific range of products.
- Aviation Cooperation: Arrangements were made regarding China’s procurement of US aircraft and the supply of engines and components, signaling continued collaboration in high-tech manufacturing.
The spokesperson noted that these outcomes demonstrate that dialogue and cooperation, based on mutual respect and equality, are the correct ways to resolve differences. Both teams are currently finalizing the details to ensure the swift implementation of these agreements.