China and US Hold High-Level Economic and Trade Talks in Malaysia
Senior Chinese and American officials concluded two days of economic and trade consultations in the Malaysian capital, reaching a basic consensus on addressing bilateral trade concerns. The talks were held on October 25-26 between Chinese Vice Premier He Lifeng, China's lead negotiator for economic and trade matters, and US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer.
Guided by the important consensus reached during the successive telephone conversations between the two heads of state this year, the two sides engaged in candid, in-depth and constructive exchanges and consultations on key economic and trade issues of mutual concern. These discussions specifically included the US 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 trade, and export controls.
The two sides reached a basic consensus on arrangements to address their respective concerns. Both sides agreed to further refine specific details and complete their respective domestic approval procedures.
He Lifeng stated that the essence of China-US economic and trade relations is mutual benefit and win-win cooperation. Cooperation benefits both sides, while confrontation harms both. Maintaining the stable development of China-US economic and trade relations serves the fundamental interests of both 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, based on the principles of mutual respect, peaceful coexistence, and win-win cooperation, find appropriate solutions to each other's concerns through equal dialogue and consultation. The outcomes of Sino-US economic and trade consultations have been hard-won and require joint efforts from both sides to safeguard. It is hoped that the US side will work with China towards the same goal, jointly implement the important consensus reached during the successive telephone conversations between the two heads of state and the outcomes of economic and trade consultations held since the beginning of this year, further build mutual trust, manage differences, expand mutually beneficial cooperation, and propel bilateral economic and trade relations towards ever higher levels.
The US side stated that the US-China economic and trade relationship is the most influential bilateral relationship globally. The US is willing to resolve differences and strengthen cooperation with China through equal and respectful means to achieve common development.
Both sides agreed that, under the strategic guidance of their respective heads of state, they would fully leverage the role of the China-US economic and trade consultation mechanism, maintain close communication on their respective concerns in the economic and trade field, and promote the healthy, stable and sustainable development of China-US economic and trade relations, thereby benefiting the peoples of both countries and contributing to global prosperity.