By Zhong Sheng, People’s Daily
From July 28 to 29 local time, China and the United States held a new round of economic and trade talks in Stockholm, Sweden. The two sides held candid, in-depth and constructive exchanges on China-U.S. economic and trade relations, macroeconomic policies, and other topics of mutual concern.
Both sides reviewed and acknowledged the consensus reached in Geneva and implementation of the framework established in London. Based on the consensus reached during the Stockholm talks, both sides will continue to push for extending the suspension of 24 percent of the U.S. reciprocal tariffs, along with China’s corresponding countermeasures, for an additional 90 days.
This round of talks played a positive role in consolidating consensus and deepening mutual trust, reinforcing confidence in the ability of both sides to resolve economic and trade disputes through equal dialogue and consultation.
China-U.S. economic and trade relations are extensive in scope and of great significance to the well-being of businesses and people in both countries. The positive signals sent from the Stockholm talks – particularly the decision to extend the suspension of 24 percent of the U.S. reciprocal tariffs, along with China’s corresponding countermeasures, for an additional 90 days – have been broadly welcomed.
The fewer the tariffs, the broader the space for cooperation. These pragmatic arrangements reflect the shared interests of both countries. They not only help build trust and facilitate the negotiation process, but also reaffirm the principle that resolving economic and trade disputes through dialogue and consultation is more efficient and less costly than confrontation.
This meeting continued the positive momentum generated by the China-U.S. economic and trade teams under the guidance of the important consensus reached by the two heads of state during their phone conversation. The previous economic and trade talks in Geneva and London reached the Geneva consensus and London framework respectively, effectively helping to cool down and defuse bilateral economic and trade frictions.
It is a shared expectation within both countries and among the international community that China and the U.S. should resolve economic and trade disputes through equal dialogue and consultation while adhering to the principles of mutual respect, peaceful coexistence, and win-win cooperation.
Through sustained communication and dialogue, both sides are developing a clearer understanding of each other’s concerns. Common ground is expanding, as is the willingness to narrow differences and explore further avenues for cooperation.
During the Stockholm meeting, China expressed that a stable, healthy and sustainable China-U.S. economic and trade relationship serves not only the development goals of both countries, but also contributes to global economic growth and stability.
The U.S. side acknowledged that a stable China-U.S. economic and trade relationship is of great significance to the economies of both countries and the world at large. It expressed willingness to work with China to continue resolving economic and trade differences through the China-U.S. economic and trade consultation mechanism, deliver more substantive outcomes, and further stabilize China-U.S. economic and trade relations.
Since the new round of China-U.S. economic and trade frictions began, the U.S. side has consistently hyped the so-called “China rebalancing” rhetoric. While resolutely defending its own interests, China has consistently advocated an open, constructive approach to advancing bilateral cooperation through equal dialogue and consultation. As both economies continue to evolve, the nature of their economic and trade relationship must also adapt. The crucial question is: in which direction?
Will the two countries steer the relationship toward achieving greater mutual benefit and win-win outcomes, or allow it to spiral into confrontation and mutual harm? The answer should be self-evident. What’s required now is the wisdom and courage to seize opportunities.
China and the U.S. share broad common interests and enjoy vast potential for economic and trade cooperation. China’s pursuit of high-quality development and high-level opening up continues to create opportunities for mutually beneficial China-U.S. cooperation.
Take manufacturing, for example. With its comprehensive industrial support systems, mature ecosystems, and strong growth momentum, China remains an attractive destination for American companies seeking to leverage the strengths of both economies and enhance their global competitiveness.
In the consumer sector, China is prioritizing the expansion of domestic demand as a strategic focus and has adopted multiple measures to boost imports, benefiting American exporters. China welcomes efforts by companies from both sides to explore complementary advantages and achieve mutual benefit based on market demand.
If the U.S. side values expanding exports to China, it should match its words with actions by removing unwarranted restrictions on bilateral business exchanges and creating a more enabling environment for cooperation.
Words must be backed by deeds. The journey of China-U.S. economic and trade talks has come this far, and the path ahead requires continued commitment and coordination.
Both sides should continue to fully leverage the China-U.S. economic and trade consultation mechanism in accordance with the important consensus reached by the two heads of state during their phone conversation. By building on existing achievements, enhancing mutual understanding, strengthening cooperation, and deepening dialogue and consultation, China and the U.S. can work together to deliver more win-win outcomes, injecting more positive energy into the stable development of both countries and the global economy.
(Zhong Sheng is a pen name often used by People’s Daily to express its views on foreign policy and international affairs.)
