Li Chenggang: China and the US Reach Preliminary Consensus on Some Issues

From March 15 to 16, local time, China and the U.S. held economic and trade consultations in Paris, France. Chinese Ministry of Commerce International Trade Negotiator and Vice Minister Li Chenggang stated that over the past day and a half, both sides conducted frank, in-depth, and constructive discussions, reaching preliminary consensus on some issues. The two sides will continue to maintain the consultation process moving forward.

Li Chenggang said that the topics discussed between China and the U.S. include the level of bilateral tariffs under new circumstances, arrangements related to bilateral tariffs and non-tariff measures that may be further extended, among others. The U.S. side introduced their latest adjustments to tariff measures and considerations for the next steps, while China expressed concerns about the uncertainties caused by these changes. Both sides agreed to work together to maintain the stability of bilateral economic and trade relations and discussed the idea of establishing a working mechanism to promote bilateral trade and investment cooperation.

Regarding the U.S. measures restricting trade and investment with China, especially the recent initiation of two Section 301 investigations involving China, Li Chenggang said that China has conducted serious negotiations and expressed firm concerns during the consultations.

“We oppose such unilateral investigations. We are concerned about the potential disruptions and damage these investigations could cause to the hard-won stable economic and trade relations between China and the U.S.,” Li Chenggang stated. China is closely monitoring the progress of these investigations and will take appropriate measures to safeguard its legitimate rights and interests when necessary. “We hope the U.S. will honor its commitments, work with China in good faith, and jointly promote the steady and long-term development of China-U.S. economic and trade relations.”

Li Chenggang said that during these consultations, China and the U.S. further agreed that a stable economic and trade relationship benefits both countries and the world.

(Source: Xinhua News Agency)