Editor's note: Zhou Mi is a senior research fellow at the Institute of American and Oceania Studies of the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce. The article reflects the author's opinions and not necessarily the views of CGTN.

The latest round of China-US economic and trade consultations concluded in New York, US, recently, with both sides holding candid, in-depth and constructive exchanges on economic and trade issues of mutual concern. The talks also included the first dialogue on artificial intelligence under the bilateral economic and trade consultation mechanism.

Chinese President Xi Jinping said during his meeting with US President Donald Trump at the White House on Thursday that the economic and trade teams had reached a new joint arrangement, describing it as good news for industries and people in both countries and for the global economy.

Besides, both presidents recognized the outcomes achieved by their respective economic and trade teams, namely the establishment and advancement of mechanisms such as a trade council, a $30 billion reciprocal tariff reduction arrangement and an extension of what have been achieved in the Kuala Lumpur consultation, according to a statement released by Chinese Foreign Ministry after Xi wrapped up his state visit to the US on Friday. 

Both China and the US are about to strengthen the base of stability for the most important bilateral relationship in the world to benefit all.

As the world's two largest economies, China and the United States – despite having distinct development goals and models, as well as differing views in many areas – possess immense complementarities in resources, industries, markets and technology, fostering a strong desire for cooperation among enterprises in both nations.

However, various factors, including tariffs, market access and investment restrictions, port fees, negative rhetoric regarding China, and even discriminatory actions, have severely hindered the pace of corporate collaboration. These obstacles have made companies, otherwise keen to leverage their strengths for mutually beneficial partnerships, hesitant to act, thereby placing significant pressure on the realization of both nations' economic objectives.

Against this backdrop, the multiple rounds of consultations between both countries' economic and trade teams have provided a channel for addressing differences through dialogue. From trying to deal with the differences in a unilateral way to sitting down peacefully to discuss the solutions, China and the US are getting more practical. Whether for US multinationals with decades of deep roots in China or for rapidly emerging AI firms, the moment signs of thawing relations appeared, the pace of mutually beneficial cooperation between enterprises accelerated.

Trade data offers a glimpse of how such changes can translate into commercial activity. Data from China Customs indicates that in May this year, China's imports from the US totaled 89.22 billion yuan (roughly $13 billion); by August, this figure had risen to 90.30 billion yuan, representing a 1.2% increase over the three-month period. Concurrently, China's exports to the US grew from 266.59 billion yuan to 287.10 billion yuan, an increase of 7.7%.

These trade flows also underscore the importance of the two markets to each other. It is worth noting that prior to the US imposing various restrictive measures against China, China had long been the United States' largest trading partner, just as the US had long been China's largest trading partner.

The composition of trade is equally revealing. Regarding imports, the largest categories of goods imported by China from the US remain electrical machinery, equipment and also mechanical appliances. In August, import values for these categories reached 33.62 billion yuan and 11.00 billion yuan, an increases of 9.4% and 13.8% over May figures, respectively. Imports of mineral fuels, mineral oils and products of their distillation hit 7.71 billion yuan in August, a 20.9% rise from May, while imports of goods such as aircraft and optical equipment also exceeded 1 billion yuan. The largest increase was seen in fur skins, artificial fur and articles thereof, which surged by 9,300%. Imports of milling products, malt, starches, etc., ranked second with a growth rate of 310%.

Goods imported by China from the US have provided a wide range of choices for the Chinese market and industries, while also creating more opportunities for industrial development for US enterprises. Sectors related to the oil industry, which the Trump administration actively promoted, also gained greater access to the Chinese market.

The same pattern can be seen on the export side. The largest categories of Chinese goods exported to the US in August were electrical machinery and mechanical appliances, with export values of 60.01 billion yuan and 48.21 billion yuan, respectively. These were followed by categories essential to US households: knitted or crocheted apparel, toys, furniture, and plastics and articles thereof. Exports to the US in each of these categories exceeded 10 billion yuan, standing at 18.27 billion, 17.38 billion, 16.20 billion, and 13.39 billion yuan, respectively.

These daily necessities have become vital to American households, and China is undoubtedly one of the best sources of supply.

It is evident that China and the United States engage in extensive intra-industry collaboration – not only in electromechanical products but also through complementary partnerships spanning the entire value chain, from raw materials and intermediate goods to final consumer products. It is difficult to identify any single commodity where one side holds an absolute advantage and dominates trade unilaterally.

This underscores the sheer scale of both economies, their diverse internal stages of regional development, and their multifaceted division of labor; it also reflects a willingness among enterprises to strengthen cooperation in order to enhance their competitive edge and supply chain resilience.

Speaking at the White House, Xi also stressed that cooperation between China and the United States should continue to expand the list of areas of cooperation while reducing the list of problems.

With Christmas, New Year and the Chinese Spring Festival shopping season approaching, greater stability in China-US economic and trade relations could give businesses and consumers on both sides more choices and access to more competitive products.