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.