On September 20, Chinese and U.S. officials held high-level consultations on economic and trade issues of mutual concern in New York City, the United States. Chinese Vice Premier He Lifeng, also China's lead person for China-U.S. economic and trade affairs, engaged in exchanges with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer, his American counterparts.

Guided by the important consensus reached by the two heads of state in Beijing this May, and upholding the principles of mutual support, peaceful coexistence and win-win cooperation, the two sides held candid, in-depth and constructive exchanges on implementing consensus from previous talks, promoting bilateral trade and investment, and issues related to AI.

Scheduled just before Chinese President Xi Jinping's visit to the U.S. on September 23-25, this round of consultations helped not only further revitalize the China-U.S. economic and trade communication mechanism, but also lay a solid foundation for stabilizing expectations, managing risks and expanding cooperation between the two countries. 

Economic and trade relations have always served as the ballast and stabilizer of the China-U.S. relationship, while the regular consultation mechanism acts as a core channel for the two countries to resolve differences and build consensus.

Amid a slow global economic recovery, continuing geopolitical disruptions and a complex, volatile international trade and investment landscape, economic and trade interactions between China and the U.S., the world's two largest economies, not only concern the wellbeing of people in both countries, but also profoundly influence global economic trends.

Previously, the economic and trade teams of the two countries conducted multiple rounds of communication, both online and offline, to address prominent issues in their economic and trade relations. The most notable aspect of the recent face-to-face consultations in New York City is their dual focus on both traditional issues and emerging fields. In traditional economic and trade fields, the two countries should improve trade quality, expand investment cooperation and optimize the business environment.

China-U.S. economic and trade cooperation is vast in scale, with interests increasingly intertwined, so pragmatic cooperation is the only correct way for the two countries to get along. By aligning with shared understandings and implementing detailed measures, the two countries can effectively mitigate the disruption caused by trade barriers, stabilize industrial and supply chains and create a fairer and more predictable business environment for enterprises in both countries, helping steer bilateral economic and trade cooperation back onto track.

Notably, AI was included in the latest consultations, underscoring the sense of responsibility shared by China and the U.S. in focusing on emerging fields and managing new risks. AI, as a core arena of the new round of technology revolution, has become a focal point of global governance with both huge potential for cooperation and inherent governance risks. China and the U.S. have the world's most complete industrial chains and greatest influence in this field. Dedicated dialogue between the two countries is not only a logical step in line with technological trends, but also a proactive effort to explore sound competition and build consensus on rules in emerging fields.

Maintaining candid and pragmatic cooperation, as well as seeking common ground while putting aside differences, are clear signals conveyed by this most recent round of consultations. In economic and trade relations between major countries, disputes and frictions are only natural given differences in interests.

However, communication is the only proper path to resolving such differences. This round of trade talks did not sidestep them, acknowledging gaps in positions between the two countries while exploring the areas of cooperation that are mutually beneficial. This model of communication, featuring respect for differences, rational dialogue and pragmatic progress, not only is applicable to the economic and trade sphere, but also offers an example for the sound development of the overall China-U.S. relationship.

Copyedited by Elsbeth van Paridon 

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