China Urges Trade Cooperation with US as Bilateral Trade Falls
China’s Commerce Minister, Wang Wentao, has emphasized the need for trade cooperation with the United States in a bid to improve bilateral relations. He expressed this sentiment during a meeting with his US counterpart, Gina Raimondo. The minister also highlighted the importance of strengthening trade and investment ties between the two countries, as recent data shows a decline in bilateral trade of 9.6 percent during the first seven months of the year.
One of the main topics of discussion between the two parties revolved around cooperation in the semiconductor industry, as well as chip production and exports. Both China and the US recognize the significance of these sectors and are keen on exploring avenues for collaboration.
Gina Raimondo’s visit to China, which will conclude on August 30th and includes a trip to Shanghai, is part of her work schedule aimed at improving relations between the two economic powerhouses. However, it is worth noting that the United States currently maintains restrictions on 27 Chinese companies, with additional orders issued by the White House further limiting investments in key sectors such as semiconductor and microelectronics, quantum information technology, and artificial intelligence in China.
Prior to Raimondo’s visit, other senior US officials, including Treasury Secretary Janet Yellen, engaged in discussions with their Chinese counterparts. China, during these interactions, emphasized the importance of rational and practical cooperation to restore bilateral ties to normalcy as soon as possible. Despite these efforts, concrete agreements were not reached, highlighting the ongoing tensions between the two countries that extend beyond economic and commercial domains to the political realm.
It is crucial for both China and the United States to find common ground and establish a favorable political environment that supports greater bilateral cooperation. By fostering a spirit of collaboration and addressing trade and investment barriers, the two nations have the potential to revitalize their economic ties. Efforts in sectors like semiconductors can prove to be a significant stepping stone towards achieving this goal.
The resolution of trade disputes and the enhancement of economic cooperation between China and the United States will not only benefit these two global powers but also have positive implications for the global economy. As the world closely watches these developments, the hope remains that mutually beneficial agreements will be reached to pave the way for a productive and prosperous relationship between China and the US.
