China and the US reach a basic consensus on arrangements to address their respective trade concerns.

CGTN – Chinese and US delegations reached a basic consensus on arrangements to address their respective trade concerns after two days of talks in Kuala Lumpur.

The essence of economic and trade relations between China and the US is mutual benefit and win-win results, and both countries gain from cooperation and lose from confrontation, said Chinese Vice Premier He Lifeng after meeting in Kuala Lumpur from Saturday to Sunday with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer.

Guided by the important consensus reached by the heads of state of the two countries in their telephone conversations since the beginning of this year, the two sides have had frank, in-depth and constructive exchanges of views on important trade and economic issues of mutual concern, including US Section 301 measures on China's maritime, logistics and shipbuilding sectors, extension of the suspension of reciprocal tariffs, tariffs and cooperation in law enforcement related to fentanyl, trade in agricultural products and export controls.

Both sides agreed to work out specific details and follow each other's domestic approval processes.

He noted that maintaining the stable development of trade relations between China and the US serves the common interests of both countries and their people, and meets the expectations of the international community.

Regarding economic and trade differences and friction, both sides should uphold the principles of mutual respect, peaceful coexistence, and win-win cooperation, conduct dialogues and consultations on an equal footing, and find ways to properly address each other's concerns, said the Chinese vice premier.

Safeguarding the hard-won gains in China-US economic and trade consultations requires joint efforts from both sides, He said.

The Chinese vice premier urged the U.S. side to work with China in the same direction, implement the important consensuses reached between the heads of state of the two countries during their telephone conversations, as well as the gains from the bilateral trade talks held this year, further build mutual trust, manage differences, expand mutually beneficial cooperation, and promote China-U.S. economic and trade relations to a higher level.

The U.S. side stated that the economic and trade relationship between the U.S. and China is the most influential bilateral relationship in the world, expressing a willingness to work with China in a spirit of equality and respect to properly address differences, deepen cooperation, and promote shared development.

Both sides agreed that, under the strategic guidance of the heads of state of the two countries, they will make full use of the China-US economic and trade consultation mechanism, maintain close communication on their respective concerns in the economic and trade fields, and promote the healthy, stable, and sustainable development of economic and trade relations to benefit both peoples and contribute to global prosperity.

Source: Xinhua