Eighth round of China-U.S. economic and trade consultations yields positive consensus: commerce ministry

BEIJING, Sept. 28 (Xinhua) -- China and the United States held the eighth round of their economic and trade consultations in New York and Washington, D.C., the United States, from Sept. 20 to 23, reaching positive consensus that contributes to the economic and trade outcomes of the meeting of the two heads of state, China's Ministry of Commerce said on Monday.

The two sides agreed to establish the Board of Trade under the China-U.S. economic and trade consultation mechanism, with the primary target of optimizing bilateral trade, the ministry noted in a statement.

The ministry said the Board of Trade will provide an important platform and institutional guarantee for the two countries to continuously expand the list of cooperation and shorten the list of problems in economic and trade affairs.

To implement the important consensus reached by the two heads of state, China and the United States have held multiple rounds of consultations under the Board of Trade framework on an arrangement for a 30-billion-U.S. dollar reciprocal tariff reduction, and have reached consensus, the ministry said.

The two sides agreed to reduce tariffs on about 30 billion U.S. dollars' worth of goods imported from each other on a reciprocal basis, with tariffs on around 90 percent of the covered products to be lowered to most-favored-nation rates. These reductions will be implemented simultaneously after each side completes domestic legal procedures, according to the ministry.

The economic and trade teams of the two sides agreed to include Chinese coal imports from the United States in the reciprocal tariff reduction framework, which is expected to facilitate Chinese coal imports from the United States in 2027 and 2028, the ministry revealed.

Importing U.S. coal will complement China's domestic coal market while providing stable revenue and employment for the U.S. coal industry, helping to stabilize and expand bilateral trade, the ministry explained.

In the consultations, China and the United States also agreed to establish the Board of Investment under the China-U.S. economic and trade consultation mechanism. It will provide an institutionalized communication platform for both sides, with the two countries' economic and trade teams conducting regular dialogue on potential investment opportunities and barriers, the ministry said.

The two sides further agreed to establish an agricultural working group under the Board of Trade, to be co-chaired by China's Ministry of Commerce and the Office of the United States Trade Representative, with participation from relevant regulatory agencies of both countries, said the ministry.

The working group will discuss issues including two-way market access and regulatory matters for agricultural products. Both sides agreed to hold the working group's first meeting before the end of 2026, the ministry said.

The two sides reached a consensus in principle on financial services. China will examine and approve applications from financial service institutions of all countries, including those with U.S. capital, to conduct business and establish branches in China.

China hopes the United States will also provide a fair, transparent and stable policy environment for Chinese financial institutions, said the ministry.

As the two sides' lead negotiators under the China-U.S. economic and trade consultation mechanism, Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Scott Bessent established a dialogue on artificial intelligence (AI) and held their first discussion on AI-related risks and benefits. The two sides agreed to hold the next dialogue before the end of November this year and to set up a communication channel for AI incidents.

On the basis of extending the joint arrangements of economic and trade consultations in Kuala Lumpur through Jan. 10, 2027, China and the United States agreed to continue actively discussing the issue, with a view to reaching a mutually agreed solution.

Such an arrangement, on the one hand, gives both sides room to take stock of and assess the implementation of the joint arrangements and consider how to move China-U.S. economic and trade relations forward. On the other hand, by combining a time-bound extension with continued active discussions, it provides a relatively stable and predictable policy environment for cooperation between businesses of the two countries, according to the ministry.

It is believed that the two sides will continue their efforts and seek a positive solution on a further extension through high-level economic and trade interactions before the end of the year, the ministry noted.

The two sides also exchanged views on increasing direct passenger flights between the two countries, agreeing to maintain communication on increasing China-U.S. flights and related matters.

Since last year, China and the United States have held eight rounds of economic and trade consultations. During the latest consultations, the two sides reaffirmed and renewed their commitment to fully implementing the consensus reached in previous rounds of economic and trade talks, which will help create favorable conditions and a stable environment for bilateral economic and trade cooperation, while also contributing to global economic growth, said the ministry.