By Zhong Sheng, People’s Daily
On June 9 and 10 local time, the first meeting of China-U.S. economic and trade consultation mechanism was held in London.
The two sides held candid and in-depth talks, and thoroughly exchanged views on economic and trade issues of mutual concern. They have agreed in principle the framework for implementing consensus between the two heads of state during their phone talks on June 5, as well as those reached at Geneva talks.
This meeting marked a new step taken by both sides to resolve bilateral economic and trade issues through equal dialogue. Both sides acknowledge the importance of a stable China-U.S. economic and trade relationship for the economies of both countries and the global economy, and the constructive outcomes achieved by the meeting have also brought new optimism to the international community.
The establishment of the China-U.S. economic and trade consultation mechanism is a major outcome of the Geneva economic and trade talks. It provides an institutional guarantee for both sides to bridge differences and deepen cooperation.
During their recent phone call, the China and U.S. heads of state agreed to make good on the agreement reached in Geneva and to hold another round of meeting as soon as possible. Chinese President Xi Jinping emphasized the importance to make good use of the economic and trade consultation mechanism already in place.
This meeting is an important consultation conducted under the guidance of the strategic consensus reached by the two heads of state. All sectors of both countries and the international community paid close attention to this meeting, generally believing that as the world’s two largest economies, China and the U.S. are better served by cooperation than friction, and by dialogue than confrontation.
There are broad expectations that both sides will continue to resolve differences through equal dialogue and consultation, contributing greater stability and certainty to the world economy.
Looking back at the history of China-U.S. relations, one lesson stands out: strengthening communication and dialogue through institutional arrangements plays an important role for both sides to properly manage differences and enhance cooperation.
At this meeting, the two sides engaged in candid and in-depth communication and made new progress in addressing each other’s economic and trade concerns, demonstrating the effectiveness of the consultation mechanism.
The sound development of China-U.S. economic and trade relations requires joint efforts from both sides. Each achievement is hard-won and should be all the more cherished and maintained. Moving forward, both sides should, in accordance with the important consensus and requirements made during the phone call between the two heads of state, further leverage the role of the China-U.S. economic and trade consultation mechanism, continuously enhance mutual understanding, reduce misperceptions, and strengthen cooperation.
After decades of development, China and the U.S. have forged a pattern of complementary strengths, mutual benefits, and win-win cooperation in the economic and trade field. This progress has been driven by the joint efforts of businesses and peoples on both sides, as well as by market forces and the international division of labor.
A stable China-U.S. economic and trade relationship holds profound significance not only for both countries but also for global economic stability. Economic cooperation and trade between the two countries is so huge, substantive and broad-based, involving so many players, that it is only natural for some differences to exist. Resolving differences will not be achieved overnight. It takes time, wisdom, and patience.
Facts have proven that the unilateral trade restrictions imposed by the U.S. have harmed not only the interests of Chinese businesses, but also American companies and consumers, while undermining the long-term stability of the world economy. Only by staying committed to equal dialogue and mutually beneficial cooperation, maintaining patience, and steadily building trust, can the two sides truly resolve differences and expand cooperation.
China has approached economic and trade consultation with sincerity and principled resolve. As a responsible major country, China has taken seriously, earnestly implemented, and actively upheld the consensus reached at the Geneva talks.
At this meeting, China reaffirmed its clear position of implementing the consensus and requirements made by the two heads of state and jointly safeguarding the hard-won outcomes of dialogue.
The U.S. side also stated that it will work in the same direction with China, in accordance with the requirements reached during the phone call between the two heads of state, and jointly implement the “London framework.” It is hoped that the U.S. will match its words with deeds by translating its commitments into concrete policies and actions – demonstrating integrity in honoring its commitments and taking meaningful steps to implement the consensus and resolve bilateral economic and trade issues through equal dialogue.
Opening up is a defining feature of Chinese modernization. Regardless of changes in the external environment, China remains committed to the belief that opening up and cooperation are the right paths to high-quality development and greater mutual benefit for all.
According to China’s General Administration of Customs, the country’s total value of goods imports and exports in yuan-denominated terms stood at 17.94 trillion yuan ($2.49 trillion) in the first five months of this year, up 2.5 percent year on year, continuing its growth momentum. Exports rose by 7.2 percent year on year, reflecting the strong resilience of China’s goods trade and the steady recovery of its economy. China welcomes enterprises from all countries, including the U.S., to continue investing and operating in China and to seize the opportunities presented by its development.
Both history and reality have proven that China and the U.S. stand to gain from cooperation and lose from confrontation. Dialogue and cooperation are the only right choice for the two countries.
As long as both sides move toward each other, uphold the principle of mutual respect and mutual benefit, make good use of the consultation mechanism already in place, and take concrete actions to preserve the hard-won outcomes of dialogue, the China-U.S. economic and trade relationship will stay on a steady and constructive track toward long-term progress.
(Zhong Sheng is a pen name often used by People’s Daily to express its views on foreign policy and international affairs.)
