Beijing, 7 September 2024 (TDI): China and the US, the world’s two largest economies, are set to hold a high-level meeting on Saturday to discuss economic and trade relations, amid growing tensions over new US export curbs on technologies like quantum computing and semiconductors.
The meeting continues the recent trend of high-level engagement between the two nations, with senior officials holding or planning discussions on various issues, including climate and military matters.
The vice-ministerial meeting of the China-US commercial and trade working group, co-chaired by China International Trade Representative and Vice Minister of Commerce Wang Shouwen and US Under Secretary of Commerce for International Trade Marisa Lago, will focus on a wide range of economic and trade issues.
It will cover policy concerns, business appeals, and practical cooperation, according to the Chinese Commerce Ministry.
Ahead of the talks, the US announced new export restrictions on critical technologies, widely perceived as targeting China.
Analysts urge the US to approach its relations with China responsibly and cooperate to maintain a stable global trade order and fair market competition.
He Weiwen, a senior fellow at the Center for China and Globalization, noted that enhanced bilateral dialogue is essential for addressing mutual concerns and stabilizing ties, especially in economic and trade sectors.
Increased Interactions
The meeting follows increased recent interactions, including US National Security Advisor Jake Sullivan’s visit to China in late August and Chinese Foreign Minister Wang Yi’s meeting with US Senior Advisor for International Climate Policy John Podesta.
Despite the ongoing US strategy of “decoupling” and imposing restrictions on China, it is expected that China will raise concerns over these unilateral measures during the talks.
These include the US’s plans for additional tariffs on Chinese electric vehicles and export controls on tech products, according to He Weiwen.
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The Chinese Foreign Ministry expressed opposition to the US’s approach of politicizing trade and technology issues, stating that such actions violate market economy principles, destabilize global industrial and supply chains, and are not in anyone’s interest.
Bao Jianyun, Director of the Center for International Political Economy Studies at Renmin University of China, suggested that the US frequently uses unilateral measures as leverage in negotiations with China, complicating trade discussions.
Despite these challenges, China has shown a willingness to restore normal bilateral relations, Bao noted.
With the combined output of the Chinese and US economies accounting for over 40% of the global total in 2023, maintaining stable bilateral relations is crucial for global economic stability.
