China-U.S. economic, trade meeting in Geneva: an important step towards resolving differences through equal dialogue and consultation

On May 10 and 11, China and the U.S. had a high-level meeting on economic and trade affairs in Geneva, Switzerland. Through joint efforts of both sides, the talks were candid, in-depth, and constructive.

The two sides have reached a series of major consensuses and made substantial progress during the meeting. They also agreed to establish an economic and trade consultation mechanism, marking an important step towards resolving differences through equal dialogue and consultation, and laying the foundation and creating conditions for further bridging differences and deepening cooperation.

The meeting has received positive responses from international observers, reaffirming that maintaining the sound, steady, and sustainable development of China-U.S. economic and trade relations serves the fundamental interest of both nations and peoples, which is also conducive to global economic growth.

The stability of China-U.S. economic and trade relations bears heavily on the trajectory of the global economy.

According to the Joint Statement on China-U.S. Economic and Trade Meeting in Geneva, both sides recognize the importance of their bilateral economic and trade relationship to both countries and the global economy, and the importance of a sustainable, long-term, and mutually beneficial economic and trade relationship.

The high-level meeting achieved substantial progress by significantly reducing bilateral tariff levels. The U.S. will remove a total of 91-percent additional tariffs on Chinese products and China will accordingly cut 91-percent countermeasure additional tariffs against U.S. imports. The U.S. will suspend a 24-percent "reciprocal tariff" and China likewise will suspend a 24-percent countermeasure tariff.

The positive responses from global markets indicate that these steps are in line with the expectations of producers and consumers in both countries, serving the interests of both nations and the world at large.

As two major countries at different stages of development with distinct economic systems, it is natural for China and the U.S. to have differences and frictions in their economic and trade cooperation. The key lies in following the strategic guidance of the two heads of state, upholding the principles of mutual respect, peaceful coexistence, and win-win cooperation, and resolving differences through equal dialogue and consultation.

Over the past decades, China and the U.S. have developed deeply intertwined supply chains, industrial chains, and value chains. Their economic and trade relations are mutually beneficial and win-win in nature, while confrontation, conflict and trade wars serve neither side's interests.

Trade tensions have had far-reaching negative spillover effects, ranging from restricting U.S. agricultural exports and disrupting global supply chains to driving up business costs and consumer prices.

International observers have repeatedly warned that "nobody wins in a trade war," "tariff policies lead to a lose-lose scenario," and "protectionism offers no way out -- cooperation and mutual benefit are what people truly seek."

The outcomes of the latest talks reaffirm that equal dialogue and consultation is the right path for resolving differences, aligning with the need to explore the right way for the two major countries to get along well with each other.

The meeting has laid a foundation, clarified preconditions, and set parameters for follow-up negotiations. While it marks a promising start, a fundamental resolution requires the U.S. to fully reverse its unilateral tariff measures, continue to strengthen mutually beneficial cooperation, and work with China to actively implement the consensus reached by the two heads of state during the phone call on January 17. The two countries should move forward in the spirit of mutual opening, continued communication, cooperation, and mutual respect.

China remains firmly committed to high-quality development, high-standard opening up, and continuously improving the business environment. The U.S. should work with China in the same direction to accomplish more substantial, practical and mutually beneficial outcomes for both countries and the world.

The significance of the China-U.S. economic and trade meeting in Geneva extends beyond the specific outcomes. More importantly, the two sides reaffirmed their shared commitment to resolving differences through equal dialogue and consultation.

The road ahead may not be without challenges, but China is ready to work with the U.S. to build on the positive momentum of this meeting. With a practical attitude for solving problems, China will continue carrying out candid dialogues and equal consultations, exploring cooperation potential, extending the list of cooperation list, and making the pie of cooperation bigger, so as to promote the sound and stable development of China-U.S. economic and trade relations, benefiting the peoples of both countries and the world.

(Zhong Sheng is a pen name often used by People's Daily to express its views on foreign policy and international affairs.)