China-US trade talks to continue: both sides' officials

China and the United States have reached a number of trade agreements and agreed to set up a work mechanism to continue communicating with each other and to sort out unsolved problems and disputes, after high-level trade talks in Beijing last week.

Senior commerce officials from both sides fully exchanged views and reached consensus on a number of issues, including the expansion of US exports to China, bilateral trade in services, two-way investment, the protection of intellectual property rights and the resolution of tariff and nontariff measures, Xinhua News Agency reported on Friday.

However, officials from both countries recognized that major differences still exist and they must step up efforts and make more progress. They agreed to maintain close contact with each other on relevant issues and set up a corresponding work mechanism, according to Xinhua.

Adequately settling trade and economic disputes through negotiations on an equal footing and maintaining the overall stability of trade relations are in line with the common interests of both countries and the world as a whole, said Mei Xinyu, a senior researcher of the Chinese Academy of International Trade and Economic Cooperation of the Ministry of Commerce.

Tu Xinquan, director of the China Institute for WTO Studies at the University of International Business and Economics in Beijing, said that as the world's two biggest economies, the US and China are intensely interdependent and intertwined, and it is inevitable that any protective trade measures that are put into place will hurt the global value chain.

Taking into account the size of the Chinese and US economies and the complexity of their relationship, it is unrealistic to resolve all of the thorny issues through talks lasting two days, Tu added.

The two sides should make full use of work mechanisms and channels for dialogue in the future to resolve remaining disputes, under the principles of being fair, sincere, rational and pragmatic, said Wei Jianguo, former vice-minister of commerce. The sides are expected to reach common ground and seek the maximum common interest, Wei added.

Long Guoqiang, vice-president of the Development Research Center of the State Council, said, "In addition to talks and communications between governments, the role of companies and think tanks in easing trade tensions should be further highlighted."

According to Long, US companies can do more to serve as stabilizers of the bilateral trade and economic relationship, and Chinese companies in the US should also be encouraged to voice their concerns and legitimate rights.

Xinhua contributed to this story.

Contact the writers at zhong-nan@chinadaily.com.cn