China US Ministry of Commerce Announces the Establishment of New Communication Channels

According to the evening news from the Ministry of Commerce of China on the 28th, Chinese Minister of Commerce Wang Wentao held talks with visiting US Minister of Commerce Raymond in Beijing, announcing the establishment of a new communication channel between the Ministries of Commerce of China and the United States.

The two sides have conducted rational, candid, and constructive communication on the implementation of the important consensus of the China US Dollar First Bali Meeting on China US economic and trade relations and common economic and trade issues of concern.

Wang Wentao stated that economic and trade relations are the ballast of China US relations. The trade between the two countries is important for both their respective economies and the world economy. China is willing to work together with the United States, adhering to the principles of mutual respect, peaceful coexistence, and win-win cooperation, to create a good policy environment for cooperation between the business communities of the two countries, and promote bilateral trade and investment.
Wang Wentao expressed serious concerns about the US 301 tariff on China, semiconductor policy, two-way investment restrictions, discriminatory subsidies, and sanctions against Chinese enterprises. Wang Wentao stated that generalizing national security is not conducive to normal economic and trade exchanges, and implementing unilateral and protectionist measures does not comply with market rules and fair competition principles, which will only harm the security and stability of the global industrial chain supply chain. The US has repeatedly stated that it does not seek to decouple from China and hopes that its statement will be implemented in practice.
The Ministry of Commerce of China stated that both sides recognize the importance of open and productive dialogue between China and the United States in the field of economic and trade, and announce the establishment of new communication channels between the two Ministries of Commerce. Both sides have established a working group consisting of government officials at the deputy ministerial and bureau levels of China and the United States, with the participation of enterprise representatives, to seek solutions to specific business problems. The working group will hold two deputy ministerial level meetings annually. The two ministers agree to communicate regularly and meet at least once a year.
In addition, both sides have launched an export control information exchange mechanism as a mechanism to explain their respective export control systems and improve communication. Both parties will exchange export control information in accordance with their respective laws.
Both sides discussed and agreed that experts from both countries will conduct technical consultations on strengthening the protection of trade secrets and confidential business information during the administrative licensing process.