First Meeting of China-U.S. Economic and Trade Consultation Mechanism Held in London, UK

On June 9-10 local time, Chinese Vice Premier He Lifeng, China's lead representative on economic and trade issues, held the first meeting of the China-U.S. Economic and Trade Consultation Mechanism in London with U.S. counterparts, including Treasury Secretary Janet Besant, Commerce Secretary Luke Rutnik, and Trade Representative Katherine Greer.

The two sides engaged in candid and in-depth discussions, exchanging views on economic and trade issues of mutual concern. They reached a principled consensus on implementing the important common understandings from the June 5 phone call between the two heads of state and on measures to consolidate the outcomes of the Geneva economic and trade talks. New progress was made in addressing each side's economic and trade concerns.

He Lifeng stated that this meeting was an important consultation guided by the strategic consensus reached by the two heads of state on June 5. China's position on China-U.S. economic and trade issues is clear and consistent. The essence of China-U.S. economic and trade relations is mutual benefit—cooperation benefits both, while confrontation hurts both. There are no winners in a trade war. China does not want a trade war but is not afraid of one. The two sides should resolve economic and trade differences through equal dialogue and mutually beneficial cooperation. China approaches the consultations with sincerity and principles.

Moving forward, both sides should act in accordance with the important consensus and directives from the leaders' call, further leverage the role of the consultation mechanism, enhance mutual understanding, reduce misperceptions, and strengthen cooperation. China reiterated that the two sides should meet each other halfway, honor their commitments with credibility, and take concrete actions to implement the consensus. Both should jointly safeguard the hard-won dialogue outcomes, maintain communication, and promote the steady and long-term development of China-U.S. economic and trade relations, injecting greater certainty and stability into the global economy.

The U.S. side stated that the meeting yielded positive outcomes, further stabilizing bilateral economic and trade relations. It pledged to work with China in the same direction as instructed by the two leaders and jointly implement the consensus reached at this meeting.