China and the United States Hold Economic and Trade Consultations in Malaysia

From October 25th to 26th local time, Vice Premier He Lifeng, the Chinese coordinator for the China-U.S. economic and trade consultations, held in Kuala Lumpur, Malaysia, with U.S. Treasury Secretary Jeffrey Bessant and Trade Representative Greer, their counterparts.

Guided by the important consensus reached in previous phone calls between the two heads of state this year, the two sides engaged in candid, in-depth, and constructive discussions on key economic and trade issues of mutual concern, including the U.S. Section 301 measures on China’s maritime logistics and shipbuilding industries, the extension of the reciprocal tariff suspension period, fentanyl tariffs and law enforcement cooperation, agricultural product trade, and export controls. The two sides reached a basic consensus on arrangements to address their respective concerns. The two sides agreed to further finalize the specific details and complete their respective domestic approval procedures.

He Lifeng stated that the essence of China-U.S. economic and trade relations is mutual benefit and win-win. Cooperation benefits both sides, while conflict hurts both. Maintaining the stable development of China-U.S. economic and trade relations serves the fundamental interests of the two countries and their peoples and meets the expectations of the international community. Regarding differences and frictions arising in economic and trade cooperation, both sides should adhere to the principles of mutual respect, peaceful coexistence, and win-win cooperation, and find ways to properly address each other’s concerns through equal dialogue and consultation.

The outcomes of the China-US economic and trade consultations were hard-won and need to be jointly upheld by both sides. We hope that the US and China will work together to implement the important consensus reached in previous phone calls between the two heads of state and the outcomes of the economic and trade consultations this year, further build mutual trust, manage differences, expand mutually beneficial cooperation, and elevate bilateral economic and trade relations to a higher level.

The US side stated that the US-China economic and trade relationship is the most influential bilateral relationship in the world, and that the US is willing to work with China to resolve differences, strengthen cooperation, and achieve common development through equality and respect.

Both sides agreed to give full play to the role of the China-US economic and trade consultation mechanism under the strategic guidance of the two heads of state, maintain close communication on their respective concerns in the economic and trade fields, and promote the healthy, stable, and sustainable development of China-US economic and trade relations, benefiting the people of both countries and promoting world prosperity.