People's Daily Zhong Sheng: Jointly Safeguard the Hard-Won Achievements of China-U.S. Economic and Trade Consultations

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On October 25-26 local time, China and the United States held a new round of economic and trade consultations in Kuala Lumpur, Malaysia. Guided by the important consensus reached by the leaders of the two countries during their communications this year, the two sides conducted candid, in-depth, and constructive exchanges and consultations on a series of major economic and trade issues, and reached a basic consensus on the arrangements for addressing each other's concerns. These results were hard-won and once again demonstrate that it is normal for two major powers like China and the United States to have differences on economic and trade issues. However, as long as they sit down to talk, adhere to the principles of equality, consultation, and a constructive approach, differences can be properly managed and a right way of interaction can be found.

This round of China-U.S. economic and trade consultations covered a wide range of topics, including U.S. Section 301 measures on China's maritime logistics and shipbuilding industry, extension of reciprocally agreed tariff suspension periods, fentanyl tariffs and law enforcement cooperation, agricultural trade, export controls, among others. These are all key economic and trade issues of mutual concern and also affect the stability of global production and supply chains. Both sides agreed to further determine specific details and fulfill their respective domestic approval procedures. On these issues, China and the United States both have long-standing interests and concerns, but neither side allowed problems to cloud their vision. Instead, they were solution-oriented, insisted on making full use of the consultation mechanism, continued equitable dialogue and consultation, and created the conditions for ultimately resolving the issues—helping to ease concerns and bringing benefits for both sides’ development and for the world economy.

The most important thing for China and the United States to properly manage differences and promote cooperation is to implement the important consensus reached by the leaders of both countries. Since the beginning of this year, President Xi Jinping and President Trump have spoken multiple times, setting the tone and direction for improving and developing China-U.S. relations. Guided by this important consensus, both sides' economic and trade teams have held five rounds of consultations and reached positive understandings. This fully demonstrates that, to ensure that the two "giant ships" (China and the U.S.) move forward together without veering off course or losing speed, it is necessary to firmly adhere to strategic guidance from both countries' leaders, loyally implement the important consensus, and unwaveringly uphold the principles of mutual respect, peaceful coexistence, and win-win cooperation.

The essence of China-U.S. economic and trade relations is mutual benefit and win-win. Cooperation benefits both sides, confrontation injures both—a truth proven time and again over the past decades of relationship development. Maintaining the stability and development of China-U.S. economic and trade relations serves the fundamental interests of both countries and peoples, as well as the expectations of the international community. Reviewing these five rounds of consultations, every positive signal from the negotiating table has brought valuable warmth to global markets. As a responsible major power, China has demonstrated composure and wisdom, always advocating that China and the U.S. should display broad vision and major country responsibility, always opposing "decoupling and breaking the chain," and jointly safeguarding the security and stability of global production and supply chains. The U.S. side has also repeatedly stated that "the U.S. has no intention to decouple from China" and "the China-U.S. economic and trade relationship is the most influential bilateral relationship in the world." Given this consensus, both sides should move toward each other, cherish the outcome of each consultation, constantly build mutual trust, manage differences, and promote the stable and long-term development of China-U.S. economic and trade relations on the track of mutually beneficial cooperation.

On the road to modernization, China insists on expanding high-level opening up, which will provide more opportunities for countries around the world, including the United States. The just-concluded fourth plenary session of the 20th CPC Central Committee reviewed and adopted recommendations for the 15th Five-Year Plan, outlining China's development blueprint for the next five years. From a long-term perspective, China's achievement of socialist modernization is a step-by-step historical process of development and progress. By maintaining stability while seeking progress, China can face any external challenges with the certainty of its own development. The plenary session proposed, "gradually expanding institutional opening up, maintaining the multilateral trade system, broadening international circulation, and promoting reform and development through opening up, sharing opportunities and common development with all countries in the world." The international community generally believes that, at a time full of uncertainties, China is showing strategic vision and strong stability through the formulation and implementation of medium- and long-term plans, injecting valuable certainty into global development.

The results of the consultations were hard-won and need to be jointly maintained by both sides. China and the United States have the ability and wisdom to find a path to mutual existence and prosperity. When dialogue replaces confrontation and cooperation transcends differences, China and the United States can find ways to properly address each other's concerns, promote the healthy, stable, and sustainable development of China-U.S. economic and trade relations, and bring more well-being to the peoples of both countries and the world.

Source of this article: People's Daily App, Original title: "Bell: Jointly Safeguarding the Hard-Won Outcomes of the Consultations"

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