The first meeting of the China-U.S. economic and trade consultation mechanism concluded in London, marking a significant step towards implementing the consensus reached by the leaders of both nations and stabilizing bilateral trade relations.
China has always emphasized dialogue and is committed to resolving differences through equal consultations while safeguarding its core interests and development rights. The hope is that both sides will honor their commitments, avoid politicizing trade issues, and contribute to the stability of global industrial and supply chains.
In recent years, China has continued to open up its markets and improve its business environment, offering broad opportunities to foreign investors, including U.S. companies. The actual use of foreign capital has remained stable, with investment in high-tech industries on the rise, demonstrating global confidence in China’s economy.
China’s growth in emerging sectors like new energy, the digital economy, and artificial intelligence is driven by technological innovation and economies of scale. The nation adheres to market-based principles, fostering fair competition and cooperation.
Statistics show that China’s current account surplus as a percentage of GDP dropped from 9.9% in 2007 to 2.2% in 2022, reflecting continued structural improvements in foreign trade. While there is potential for increased U.S. exports to China, China remains committed to high-level opening-up and has actively expanded imports, creating opportunities for countries around the world.
On the same day the London meeting began, China’s foreign trade demonstrated strong resilience. According to the General Administration of Customs, China’s total goods trade in the first five months of the year reached 17.94 trillion yuan (about $2.5 trillion), an increase of 2.5% year-on-year, with export growth accelerating to 7.2%. These figures indicate overall stability in China’s trade, showing that diversification strategies are effective.
China’s confidence in facing global trade challenges is backed by several solid foundations. Firstly, its massive consumer market; in 2022, total retail sales of consumer goods approached approximately 50 trillion yuan, up 3.5% year-on-year. Secondly, a complete industrial chain; China is the only country with all 41 industrial categories in the UN industrial classification system and leads globally in areas such as photovoltaics, lithium batteries, and home appliances.
Additionally, China boasts a robust financial system. The RMB Cross-Border Interbank Payment System covers more than 180 countries, and the country’s foreign exchange reserves remained above $3.2 trillion by the end of 2022. In terms of technological advancement, domestic production of semiconductors is accelerating, and China leads in new energy technologies while holding significant influence in setting AI and 5G standards.
While both China and the U.S. have expressed willingness to strengthen communication and avoid misunderstandings, it is crucial for both sides to honor their commitments and engage on an equal footing. The China-U.S. economic and trade relationship is vital to the well-being of both peoples and to global economic stability.
The London consultations offer a new opportunity for narrowing differences and exploring future cooperation. By working together, both nations can contribute to global prosperity and foster a stable economic environment.
