What’s new: The top commerce officials of China and the United States agreed Monday to create new dialogue mechanisms to discuss trade and investment issues in a move to stabilize economic ties between the world’s two largest economies.
China’s Minister of Commerce Wang Wentao held talks Monday in Beijing with U.S. Secretary of Commerce Gina Raimondo. They agreed to establish a working group of senior officials and business representatives from both sides to address specific commercial issues. The working group will meet twice a year at the vice minister level. Wang and Raimondo agreed to communicate regularly and meet at least once a year.
The two also agreed to set up an export control information exchange mechanism to improve communication about each other’s export control regimes and exchange information on export controls, according to a statement issued by China’s Ministry of Commerce.
The context: Raimondo arrived in Beijing Sunday for a four-day visit at the invitation of Wang in the latest high-level meeting between the two countries. The visit was the fourth by a U.S. cabinet official from the Biden administration since June and was Raimondo’s first to China.
The other visiting senior U.S. officials included Secretary of State Antony Blinken, Treasury Secretary Janet Yellen and U.S. climate envoy John Kerry as the two countries seek to stabilize their relationship.
The two sides had rational, candid and constructive communication on China-U.S. trade and economic relations and issues of mutual concern, the ministry said.
During the Monday meeting, Wang expressed concerns over U.S. practices including tariffs on Chinese exports, semiconductor policies, investment restrictions, subsidies and sanctions targeting Chinese companies, according to the Chinese ministry. Raimondo raised concerns about China’s restrictions on American businesses including Intel and Micron Technology as well as recent curbs on gallium and germanium exports, the Commerce Department said.
The Biden administration has implemented strict limits on China’s access to U.S. investment and technology, including an executive order signed earlier this month to limit U.S. investment in China in high-tech sectors and export control measures imposed last October on chip products.
Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bob.simison@caixin.com)
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