Good signs for trade in China-US phone talks

Officials positive on rebuilding ties, promoting global economic recovery

The latest phone conversation between Chinese and US economic representatives is a positive signal for business and trade ties between the world’s two largest economies and will be beneficial to the global economic recovery, according to officials and analysts.

Trade between China and the United States, although already quite high in volume, still has great growth potential, and dialogue based on equality and mutual respect is a must to solve disputes and strengthen trade and business ties, they said.

Their comments came after Liu He, vice-premier, a member of the Political Bureau of the Communist Party of China Central Committee and chief of the Chinese side of the China-US comprehensive economic dialogue, had a phone conversation with US Trade Representative Katherine Tai on May 27.

Agreeing that developing bilateral trade is very important, they exchanged views on issues of mutual concern, and also agreed to maintain communications, according to an online statement from China’s Ministry of Commerce.

“As tested by time, dialogue based on equality and mutual respect is the only way for the two countries to solve disputes and promote economic and trade cooperation, which will benefit not only themselves, but also the world economic recovery,” said Ruan Zongze, executive vice-president of the China Institute of International Studies.

Zhang Yansheng, chief researcher at the China Center for International Economic Exchanges, said it is essential for the two countries to resume the high-level trade talks and clarify their trade policies and stances, including their attitudes toward the implementation of the phase one agreement, which was signed on Jan 15 last year. Gao Feng, a spokesman for the Commerce Ministry, said at a news conference that the phase one trade agreement is good for China, the US and the whole world.

US Commerce Secretary Gina

Raimondo said recently that the US needs to do business with China.

US goods exported to China jumped from $105 billion in 2019 to $123 billion last year, a surge of nearly 18 percent, the second-highest total in a decade, according to the 2021 State Export Report released by the US-China Business Council, a trade association representing more than 200 US companies doing business in China.