Vice-premier to hold trade talks with US in Sweden

Beijing and Washington are set to hold the third round of trade talks in Sweden, a positive development that analysts said will not only help the world's two largest economies steady their ties, but also inject much-needed certainty into the global economy.

Vice-Premier He Lifeng will be in Sweden from Sunday to Tuesday to hold economic and trade talks with United States officials, as agreed upon by both sides, the Ministry of Commerce said on Wednesday.

The two sides will fully leverage their economic and trade consultation mechanism and continue consultations on issues of mutual concern in the spirit of mutual respect, peaceful coexistence and win-win cooperation, the ministry added.

Ahead of the ministry's announcement, China's top market regulator said on Tuesday that it has suspended a probe into DuPont China Holding Co — a subsidiary of the US firm DuPont — over the company's suspected violation of the nation's anti-monopoly law.

Since mid-May, top negotiators from Beijing and Washington have already engaged in two rounds of trade talks, in Geneva and London.

The two countries agreed to a 90-day pause in their triple-digit tariffs. Additionally, Beijing has approved applications for the eligible export of rare earth elements to the US, while Washington has, in turn, slashed its restrictive measures against China.

Outbound shipments of rare earth magnets from China to the US surged to 353 metric tons in June, a 660 percent increase from the previous month's level, according to data released on Sunday by the General Administration of Customs.

Gao Lingyun, a researcher at the Chinese Academy of Social Sciences in Beijing, said: "The interests of China and the US are deeply intertwined. Both stand to gain from cooperation and lose from confrontation."

It's in the best interests of both countries to enhance mutual understanding and manage their differences through equal dialogue, Gao said, adding that a sound and steady China-US relationship will also contribute to the recovery of the world economy.