Promote the stable and healthy development of China US economic and trade relations

On July 28-29 local time, the China US economic and trade talks were held in Stockholm, Sweden. According to the consensus reached during the talks, both sides will continue to push for the extension of the suspended 24% US equivalent tariff and the 90 day extension of China's countermeasures as scheduled. This reflects the rationality and pragmatism of both sides in resolving differences, creating conditions for further deepening dialogue and consultation, constantly striving for more win-win results, and helping to promote the development and stability of the world economy.

China and the United States occupy a pivotal position in the global economy, with a huge scale of bilateral trade covering a wide range of fields, from commodity trade to investment, technology, and services, almost covering all aspects of modern economy. In 2024, the total bilateral trade volume of goods between China and the United States will exceed 680 billion US dollars. The massive scale of trade implies that any policy or decision could have far-reaching impacts. Therefore, when dealing with relevant issues, caution and rationality must be exercised. This meeting will promote the arrangement of the suspended 24% US equivalent tariff and the 90 day extension of China's countermeasures as scheduled, which will help both sides to exchange economic and trade issues in a timely manner and achieve more consultation results.

On the issue of Sino US economic and trade relations, China's position has always been firm and the bottom line is clear. The essence of the economic and trade relationship between China and the United States is mutual benefit and win-win. Any attempt to exert unilateral pressure, threats, or blackmail is not feasible. Only through dialogue and cooperation based on equality and respect can true mutual benefit and win-win outcomes be achieved. China has never closed the door to dialogue and has always insisted on resolving differences through dialogue and consultation. If the US wants to solve the problem through negotiations, it must face up to the serious negative impact of unilateral tariff measures on itself and the world, acknowledge international economic and trade rules, fairness and justice, and rational voices from all walks of life, show sincerity and action in negotiations, work towards the same direction as China, and solve the concerns of both sides through equal consultation.

US policy makers also need to be aware that China is an important source of goods for the United States and one of the most important markets for American companies. For a long time, trade with China has played a positive role in promoting social welfare, business development, and job creation in the United States. If the trade war and tariff war are allowed to continue or even escalate, there will ultimately be no winner, and the US economy will suffer huge damage.

Both China and the United States have broad common interests and broad cooperation space in the field of economy and trade. Cooperation between China and the United States benefits both sides, while confrontation harms both. The current global economic landscape and international market environment require countries to strengthen cooperation and enhance mutual trust. As the world's top two economies, China and the United States have the responsibility and obligation to work together, meet the universal expectations of the international community, jointly address global challenges, and promote the recovery and sustainable development of the global economy.

Next, both sides should continue to follow the important consensus reached during the phone call between the two heads of state, fully leverage the role of the China US economic and trade consultation mechanism, continuously enhance consensus, reduce misunderstandings, strengthen cooperation, promote stable and healthy development of China US economic and trade relations, and inject more certainty and positive force into the global economic recovery and development. (Source: Economic Daily Author: Guo Yan)