Chinese Ministry of Commerce: China-US trade talks yield positive outcomes

China's Ministry of Commerce said Saturday that economic and trade consultations between China and the United States have yielded positive outcomes. 

Responding to media questions, a ministry spokesperson said the Beijing meeting between the two heads of state provided strategic guidance for the development of bilateral economic and trade relations.

According to the spokesperson, Chinese President Xi Jinping said that China-US economic ties are mutually beneficial and win-win in nature, and that the generally balanced and positive outcomes reached by the two countries' economic and trade teams are good news for the people of the two countries and the world. The two sides should jointly sustain the good momentum that they have worked hard to create, Xi stressed.

Economic and trade teams held consultations in the Republic of Korea on May 13 to prepare for the presidents' meeting. Guided by the important common understandings reached by the two heads of state and following the principles of mutual respect, peaceful coexistence and win-win cooperation, the two sides conducted candid, in-depth and constructive exchanges on addressing each other's concerns and expanding practical cooperation.

The two sides have since maintained intensive communication on the details and reached positive consensus in several areas, the spokesperson said.

Initial outcomes include continued implementation of previous consultation results and positive consensus on tariff arrangements.

The two countries also agreed to establish a trade council and an investment council. The trade council will address tariff reductions for certain products, with both sides agreeing in principle to cut tariffs on products of mutual concern of equivalent scale.

Both sides will work to resolve or substantially advance issues related to non-tariff barriers and market access for certain agricultural products, the spokesperson added. The US side will actively promote solutions to address China's concerns regarding automatic detention measures on dairy and aquatic products, the export of certain "penjing" artworks to the US, and recognition of a bird flu-free zone in east China's Shandong Province. China will actively address US concerns over beef facility registration and poultry exports from certain US states.

The two sides agreed to promote two-way trade expansion, including in agricultural products, through mutual tariff reductions on a certain range of goods, according to the spokesperson.

In addition, the two countries reached arrangements for China's aircraft purchases from the US and US assurances on supply of aircraft engines and components to China, and agreed to advance cooperation in relevant fields.

The ministry emphasized that the positive outcomes demonstrate that, with mutual respect, equality and mutual benefit, and through dialogue and cooperation, the two countries can find solutions to differences. Detailed follow-up consultations are ongoing.

Guided by the consensus set by the two presidents, both sides will finalize the outcomes as soon as possible, ensuring implementation and injecting greater certainty and stability into China-US economic and trade cooperation and the global economy, the ministry added.

(With input from Xinhua)