By ZHU WENQIAN and ZHONG NAN | China Daily | Updated: 2024-08-30 09:11
Senior officials from China and the United States will hold the second round of the deputy minister-level meeting of the China-US commerce and trade working group in Tianjin on Sept 7 to exchange views about economic and trade policy concerns, China's Ministry of Commerce said on Thursday.
China International Trade Representative and Vice-Minister of Commerce Wang Shouwen, and US Under Secretary of Commerce for International Trade Marisa Lago will co-chair the meeting, the Ministry of Commerce said in a weekly news conference in Beijing.
"The two sides will have in-depth exchanges of views on a wide range of topics, including their respective economic and trade policy concerns, corporate demand and practical cooperation," said He Yadong, a spokesman for the ministry.
Experts and business executives noted that with the US presidential election approaching, holding such a meeting will provide clarity on the direction of trade policies and regulations to exporters and investors on both sides.
Given the interconnections of the global economy, any changes in China-US trade relations could have widespread repercussions, said Wang Xiaosong, a professor at Renmin University of China's School of Economics in Beijing.
The US remains China's third-largest trading partner, with bilateral trade value reaching 2.72 trillion yuan ($383.1 billion) in the first seven months, up 4.1 percent year-on-year, accounting for 11 percent of China's total foreign trade value, said the General Administration of Customs.
Highlighting that stable Sino-US economic and trade ties will benefit businesses from both countries, Sandeep Seth, chief growth officer of Tapestry Inc — a New York-based luxury goods group — said that China's vast market, favorable policies to attract global capital, ongoing industrial upgrades and its growing reputation as a leading innovator make it one of the most crucial markets for many US companies.
Sharing similar views, Sally Loh, president for China unit at Otis Worldwide Corp, a US elevator manufacturer, said China's new reform initiatives aimed at fostering new quality productive forces will fuel high-quality development of the country. The continuing opening-up to foreign investment provides a favorable business environment.
In another development, the Ministry of Commerce held a meeting last week to gather opinions and suggestions from industry professionals and experts on raising import tariffs on large-displacement fuel vehicles. Representatives from industry organizations, think tanks, research institutions and enterprises attended the meeting.
China has always adhered to green and low-carbon development. Previously, experts proposed specific suggestions to increase tariffs on large-displacement fuel vehicles, as this is in line with World Trade Organization rules and will be helpful to the green transformation of the country's automotive industry, the Commerce Ministry said.
"Next, relevant departments will carefully study the opinions and suggestions of industry experts based on work procedures, support the green and low-carbon transformation of China's automotive industry and achieve high-quality development," said He from the Ministry of Commerce.
This move followed the European Commission's recent announcement of plans to impose import tariffs of up to 36.3 percent on electric vehicles produced in China. These potential measures, if implemented, would remain in effect for five years, although a final decision has yet to be made.
He added that the move is a typical protectionist strategy and goes against the cooperation between Chinese and EU automotive industries. It is also detrimental to the stability of the global automotive supply chain, the EU's green transformation and global efforts to address climate change.
Contact the writers at zhuwenqian@chinadaily.com.cn
