In a landmark meeting in London, China and the U.S. wrapped up their first economic and trade consultation under the new mechanism, marking a fresh chapter in bilateral cooperation. With both sides aiming to stabilize trade relations, delegates laid the groundwork for future collaboration in key industries.
A Gateway to Cooperation
Delegates from China and the U.S. convened with a clear mandate: implement the consensus reached by the two heads of state and keep talks focused on mutual benefit. China emphasized dialogue driven by equal consultation and a shared commitment to global supply chain stability.
Data-Driven Confidence in Openness
China has steadily opened its markets and refined its business environment, attracting stable foreign investment. High-tech sectors now account for an increasing share of capital inflows, reflecting growing global confidence in China’s economy.
The current account surplus fell from 9.9 percent of GDP in 2007 to 2.2 percent in 2024, while the U.S. trade deficit with China as a share of its total goods deficit dropped from 47.5 percent in 2018 to 24.6 percent in 2024. These figures highlight structural improvements and a more balanced trade landscape.
Strength in Numbers
On the ground, China’s foreign trade showed resilience in early 2024. From January to May, total goods trade reached 17.94 trillion yuan (about 2.5 trillion dollars), up 2.5 percent year-on-year, with exports rising 7.2 percent—a sign that trade diversification is paying off.
Solid Foundations for Growth
- Massive consumer market: Retail sales approached 50 trillion yuan, up 3.5 percent year-on-year in 2024.
- Complete industrial chain: China leads globally across all 41 UN industrial categories, from photovoltaics to home appliances.
- Robust financial infrastructure: The RMB Cross-Border Interbank Payment System spans over 180 countries, and foreign exchange reserves remain above 3.2 trillion dollars.
- Technological self-reliance: Semiconductor production is accelerating, and China holds significant sway in setting AI and 5G standards.
As both powers look ahead, this inaugural dialogue lays the foundation for a more stable global economy and deeper cooperation in energy, digital innovation and beyond.
Reference(s):
China-U.S. economic dialogue concludes, eyeing future cooperation
cgtn.com
