Minister of Commerce Wang Wentao and US Secretary of Commerce Raymond hold talks
On August 28th, Minister of Commerce Wang Wentao held talks with visiting US Secretary of Commerce Raymond in Beijing. Both sides have engaged in rational, candid, and constructive communication on China US economic and trade relations and common economic and trade issues of concern, focusing on implementing the important consensus of the China US First Bali Meeting.
Wang Wentao stated that economic and trade relations are the cornerstone of China US relations. The trade between the two countries is important for both their respective economies and the world economy. China is willing to work together with the United States, adhering to the principles of mutual respect, peaceful coexistence, and win-win cooperation, to create a favorable policy environment for cooperation between the business communities of the two countries, and promote bilateral trade and investment.
Wang Wentao expressed serious concerns about the US 301 tariffs on China, semiconductor policies, two-way investment restrictions, discriminatory subsidies, and sanctions against Chinese companies. Wang Wentao stated that the generalization of national security is not conducive to normal economic and trade exchanges. The implementation of unilateral and protectionist measures does not comply with market rules and fair competition principles, and will only harm the security and stability of global industrial and supply chains. The US has repeatedly stated that it does not seek to decouple from China and hopes that its statement will be implemented in practice.
Minister Wang Wentao and Minister Raymond recognized the importance of open and productive dialogue between China and the United States in the field of economy and trade, and announced the establishment of a new communication channel between the two ministries of commerce. Both sides have established a working group consisting of Chinese and American vice ministerial and bureau level government officials, with representatives from enterprises participating, to seek solutions to specific business issues. The working group will hold two vice ministerial level meetings annually. The two ministers agreed to have regular communication and meet at least once a year. In addition, both sides have initiated an export control information exchange mechanism as a mechanism to explain their respective export control systems and improve communication. Both parties will exchange export control information in accordance with their respective laws.
Both sides discussed and agreed that experts from both countries will conduct technical consultations on strengthening the protection of trade secrets and confidential business information during the administrative licensing process.