US Commerce Secretary ends talks in China

US Commerce Secretary Gina Raimondo ended a visit to China during which both parties expressed their concerns over the difficulties of bilateral trade.

 
The official travelled to Shanghai as part of her agenda to hold talks with Chinese businessmen.

During her stay in the capital, Raimondo held exchanges with Premier Li Qiang and Minister of Commerce Wang Wentao, who stressed that the generalization of the concept of national security is not conducive to normal economic and commercial exchanges. He also recalled that unilateral and protectionist measures go against market rules and the principle of fair competition.

China expressed concern over issues such as the United States’ tariffs on Chinese products, its policies on semiconductors, two-way investment restrictions, discriminatory subsidies and sanctions on Chinese companies.

According to a joint statement, the two sides created a working group made up of government officials at the level of vice-ministers and representatives of the business sector to seek solutions for specific business issues.

The group will hold meetings twice a year, while Commerce Minister Wang Wentao and his US counterpart have agreed to meet at least once a year.

In addition, the two parties launched an information exchange mechanism on export controls, which will operate in accordance with their respective laws.

Beijing and Washington also agreed that experts from both countries will hold technical consultations on the protection of trade secrets and confidential business information during the process of improving administrative licenses.