China and US Strengthen Economic Ties Through Dialogue

Recent discussions between high-ranking officials from China and the United States signal ongoing efforts to stabilise bilateral economic and trade relations through pragmatic approaches and open communication, according to experts. The constructive dialogue between the two nations during the third meeting of the China-US economic working group in Beijing reflects a commitment to addressing economic concerns and fostering mutual cooperation.

Market watchers have responded positively to the developments, anticipating deeper collaboration between China and the US across various sectors, including macroeconomic policy coordination and multilateral governance. The meeting, held on Monday and Tuesday, marks a significant milestone in efforts to promote understanding and cooperation between the two economic powerhouses.

Vice-Premier He Lifeng, China’s lead representative for China-US economic and trade affairs, met with a delegation led by Jay Shambaugh, Undersecretary for International Affairs at the US Department of the Treasury, during the economic working group meeting. Emphasising the importance of leveraging bilateral channels for deeper exchanges and consensus-building, Vice-Premier He underscored the mutual benefits of fostering stable economic relations between the two nations.

Professor Lu Feng from Peking University’s National School of Development noted that the establishment and smooth functioning of the China-US economic working group mechanism demonstrate the shared recognition of the significance of sustained communication and cooperation. The recent talks have allowed both sides to address concerns and seek opportunities for improvement, reducing the likelihood of misunderstanding or misjudgment.

Professor Cui Fan from the University of International Business and Economics highlighted the potential benefits of enhanced trade and economic relations between China and the US for both countries and the global economy. He emphasised the importance of bilateral cooperation in addressing global challenges such as climate change and the debt risks faced by developing countries.

Looking ahead, experts anticipate closer collaboration between China and the US in areas such as taxation in the digital economy within the framework of the G20. They also underscored the importance of strengthening communication on economic situations and expanding cooperation on macroeconomic policy coordination to contribute positively to the global economy.

Moreover, there are opportunities for increased collaboration on multilateral governance, including responses to climate change and addressing debt issues in developing countries. China, with its economic prowess, is well-positioned to play a more significant role in international financial institutions, further enhancing its contribution to global economic stability and development.