BEIJING, Aug. 28 (Xinhua) — Chinese Commerce Minister Wang Wentao on Monday held talks with visiting U.S. Commerce Secretary Gina Raimondo, China’s Commerce Ministry said in a statement Monday.
The two sides engaged in rational, frank and constructive communication on the implementation of the consensus reached by the two heads of state at their meeting in Bali, Indonesia, focusing on China-US economic and trade relations and economic affairs trade of common interest, the statement said.
Economic and trade ties are the cornerstone of China-US relations, Wang said, adding that trade between the two countries is important to their respective economies and the world economy.
China is willing to work with the United States to create a favorable political environment for cooperation between the two countries’ economic sectors and promote bilateral trade and investment, while upholding the principles of mutual respect, peaceful coexistence and win-win cooperation to maintain. shared Wang said.
Wang expressed serious concern over issues such as the US Section 301 tariffs on Chinese products, its semiconductor policies, mutual investment restrictions, discriminatory subsidies and sanctions against Chinese companies.
Wang stressed that the generalization of the concept of national security is not conducive to normal economic and trade exchanges, and that unilateral and protectionist measures violate market rules and the principle of fair competition, and will only harm the security and stability of global industry and supply chains.
Noting that the United States has repeatedly said it has no intention of distancing itself from China, Wang said the US side should back its words with action.
Wang and Raimondo not only recognized the importance of facilitating open and productive dialogues between China and the United States in the field of economy and trade, but also announced the establishment of new communication channels between the China Department of Commerce and the United States Department of Commerce. , was stated in the statement.
A working group composed of vice-ministerial and departmental-level government officials from China and the United States, as well as business sector representatives, has been set up to seek solutions to specific business problems, the statement said. The working group will hold meetings at vice-ministerial level twice a year.
Wang and Raimondo agreed to maintain regular communication and meet at least once a year, the statement said.
In addition, both sides have established an export control information exchange mechanism, which serves as a mechanism for explaining their respective export control systems and improving communication. Both parties would share information on export controls in accordance with their respective laws, the statement said.
The two sides also discussed and agreed that experts from both countries will hold technical consultations to protect trade secrets and confidential business information during the administrative license improvement process, the statement said.