Arya News - Speaking at a weekly news conference in Beijing, Huang Ling, the ministry`s spokeswoman, said that Chinese and US economic and trade teams are earnestly implementing the consensus reached by the two heads of state at their meeting in May in Beijing.
BEIJING – China and the United States are in consultations on a framework arrangement for reciprocal tariff reductions covering products worth $30 billion from each side, with both countries working to bring the tariff cuts into effect at an early date, the Ministry of Commerce said on Thursday.
Speaking at a weekly news conference in Beijing, Huang Ling, the ministry’s spokeswoman, said that Chinese and US economic and trade teams are earnestly implementing the consensus reached by the two heads of state at their meeting in May in Beijing.
Experts said that the proposed tariff reductions are expected to cover products of mutual interest, with agricultural goods and industrial products among those under consideration.
Continued dialogue and consultation can help manage differences, reduce trade frictions and work toward mutually beneficial outcomes, they said.
Fu Suixin, an associate researcher at the Institute of American Studies at the Chinese Academy of Social Sciences, said that the recent interactions between China and the US, along with the establishment of bilateral trade and investment councils, have been significant in helping to stabilize relations and maintain channels of communication.
“This does not mean the two sides have resolved their deep-seated differences over trade, technology and other issues,” said Fu.
“Rather, these developments have reaffirmed the importance of maintaining high-level communication, managing differences and working toward a relationship characterized by constructive strategic stability.”
Da Wei, a professor of international relations at Tsinghua University in Beijing, shared a similar outlook. “Through dialogue, China and the US can work toward a more sustainable balance in their economic relationship by developing a clearer understanding of the scope and boundaries of bilateral economic ties,” he said.
This would involve identifying areas where closer economic ties remain mutually beneficial, areas where some separation may be necessary, and a level of economic engagement that is acceptable to both sides, said Da.
Despite persistent differences, bilateral trade has remained resilient. China’s trade with the US reached 2.76 trillion yuan ($412 billion) in the first eight months of this year, up 1.3 percent year-on-year, according to data from the General Administration of Customs.
French law
In another development, France has been urged to immediately stop using its anti-ultrafast fashion law to undermine the legitimate rights and interests of Chinese companies.
In response to remarks by French officials that the law is neither discriminatory nor targeted and is intended to protect the environment and consumers, Huang, the spokeswoman, said that China remains seriously concerned about the legislation.
She said that China will closely follow further developments and take necessary measures to safeguard Chinese companies’ legitimate rights and interests.
The French law, under the pretext of setting so-called standards for “environmental protection” and “sustainability”, applies double standards by imposing discriminatory restrictions on Chinese cross-border e-commerce platforms through legislation, which severely distorts fair competition, according to information released by the Ministry of Commerce.
China opposes the abuse of restrictive economic and trade measures and urges France to take China’s concerns seriously, stop using the legislation to undermine Chinese companies’ legitimate rights and interests, and address economic and trade differences through dialogue on an equal footing, Huang added.
In response to another question about the ministry’s recent meetings with several French companies operating in China, Huang said public reports show that some French companies had received subsidies from the European Union and its member states, which may have been passed on to some extent to their entities in China.
To assess the potential impact of such subsidies, the ministry has sought information from the companies concerned in accordance with the law and asked them to provide explanations, she said.