BEIJING: Asked to confirm reports that US Treasury Secretary Scott Bessent will meet with Vice Premier He Lifeng in Madrid, Spain, in the coming days, a spokesperson for China’s Ministry of Commerce (MOFCOM) said on Friday that as agreed by both China and the US, He Lifeng, also a member of the Political Bureau of the Communist Party of China Central Committee, will lead a delegation to Spain from September 14 to 17 to hold talks with the US side.
The two sides will discuss the US’ unilateral tariff measures, the abuse of export controls, TikTok, and other economic and trade issues, the MOFCOM spokesperson said.
“The upcoming meeting sends a positive signal to the world and it shows that, while there is much speculation about the relations of the world’s two major economies, one thing is certain – both sides have been steadily carrying out the spirit of their leaders’ phone calls, and this ongoing progress is very important,” Li Yong, a senior research fellow at the China Association of International Trade, told Global Times on Friday.
The planned Madrid talks show that, while the two sides have yet to reach a consensus on certain trade issues, the meeting indicates their communication mechanism is becoming routine – a strong and important signal not only to the two major trading partners but also to the world that needs greater predictability and certainty, said Li Yong.
The upcoming meeting in Madrid came just a month after China and the US released a joint statement following their economic and trade meeting in Stockholm on August 12, which said the US will extend the tariff suspension on China for another 90 days and China likewise will continue to suspend its earlier tariff hike on US goods for 90 days.
The pause is the latest development in trade relations between the world’s two largest economies following their trade talks in Geneva, London and Stockholm.
The announcement has gained wide attention, with experts noting that the 90-day extension indicates that the economic and trade relationship between the two countries is moving toward a “phased easing.”
There have been intensive meetings between Chinese and US officials recently.
Li Chenggang, China international trade representative with the MOFCOM, visited the US and held talks with US officials and business representatives from August 27 to 29 local time, according to the MOFCOM.
On Wednesday, Chinese Foreign Minister Wang Yi, who is also a member of the Political Bureau of the Communist Party of China Central Committee, held a phone conversation with US Secretary of State Marco Rubio.
On Tuesday, Chinese Defense Minister Dong Jun held a video talk with US Defense Secretary Pete Hegseth.
“The intensive meetings between high-level officials of the two countries underscores the importance that both sides take on their relationships,” He Weiwen, a senior fellow at the Center for China and Globalization, told Global Times on Friday.
Economically, the US remained China’s third-largest trade partner in the first eight months, though bilateral trade declined by 13.5 percent during the period, accounting for 9.2-percent of the total in value, according to the latest data from the General Administration of Customs.
However, there is still more to be done, experts said. To reach an agreement with China, the US side needs to show sincerity, He Weiwen said, noting that the US currently continues to follow a policy of unilateral action toward China. If it persists in such unilateralism and bullying, undermining the WTO rules, reaching an agreement with China could be very difficult, Chinese experts noted. “It is important for the US to return to the path of multilateral rules, uphold mutual respect, and work on resolving bilateral issues by meeting China halfway,” He Weiwen said. –The Daily Mail-Global Times news exchange item
