What’s new: China’s Minister of Commerce Wang Wentao spoke with U.S. Secretary of Commerce Gina Raimondo over the phone Thursday on how to better cooperate on trade and investment, the latest sign of growing economic engagement between the two countries as the new U.S. administration continues to review its China policy.
The world’s two largest economies agreed to promote “pragmatic cooperation” on trade and investment and constructively work through their differences, the state-run Xinhua News Agency reported.
The background: The commerce ministers’ virtual meeting followed Chinese Vice Premier Liu He’s meetings over the past two weeks with senior U.S. officials on their economic relationship.
In late May, Liu had a phone conversation with U.S. Trade Representative Katherine Tai, marking the first time that both sides’ lead trade negotiators had spoken since U.S. President Joe Biden took office in January. On June 2, Liu spoke with U.S. Treasury Secretary Janet Yellen via video link.
Contact reporter Cai Xuejiao (xuejiaocai@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)
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