Source: Global Times

On September 14-15, the China-US economic and trade team held talks in Madrid, Spain, and the two sides reached a basic framework consensus on properly solving TikTok issues, reducing investment barriers, and promoting economic and trade cooperation. The two teams will continue to maintain close communication, consult on the details of the relevant achievements and implement domestic approval procedures.Madrid talksThere are undoubtedly positive signals.

Chinese flag and U.S. flag information map

It was noted that the Madrid talks ended two days earlier than the previous session.The consultation time was not long, and the results were richer, to a certain extent reflecting the common will of the two sides to persist differences and resolve differences, willing to solve the key issues of the two sides' concerns through the face-to-face; at the same time, it showed that the Chinese-US economic and trade consultation work mechanism led by the former diplomatic leadership has grown and matured, the two leaders repeatedly stressed that the important consensus on "compatibility and struggle" has been actively implemented by the two sides; the preparation and communication of the two sides at the negotiating table is also more detailed and sufficient.

From Geneva, London, Stockholm to Madrid, China and the United States conducted four rounds of high-level economic and trade consultations in just about four months, which is itself a positive signal that the consultation mechanism between China and the United States is working effectively, providing a stable and reliable communication channel for the two countries to solve complex economic and trade problems.

The Madrid talks added stability and predictability to the bilateral economic and trade relations between China and the United States.The decision to cooperate to properly solve TikTok issues demonstrated that direct dialogue and communication by regulators can significantly reduce the compliance risk of enterprises, and also provided important practical references for the establishment of reasonable relations between the government and the market in the digital economy era.In addition, the talks dedicated to "reducing investment barriers" and "promote economic and trade cooperation", directly responding to the core concerns of the two companies.

Following the Madrid talks, the general reaction of the international public opinion was ¡°a loose breath¡±. Reuters, using the word ¡°rare breakthrough¡±, affirmed the efforts made by the two major economies to resolve trade conflict and stabilize the international market. The two economies are large, the supply chain and industrial chain relations involved are complex, and it is not easy to reach a consensus. The current global economy faces multiple challenges, China and the United States strengthen cooperation rather than confrontation, and it is crucial for the global economic recovery, supply chain smoothness, inflation response.

On September 15, local time, the two sides entered the next day of talks held in Madrid in Spain on economic and trade issues, depicting the two sides during talks on September 14 with Xinhua news agency reporter Xinhua.

It should be noted that there is still a long distance between the "framework consensus" and the "final agreement".As the representatives of the Ministry of Commerce of China's international trade negotiations in Madrid after the talks stressed, after the US-China after a series of economic and trade consultations, the U.S. still "continuously expands the sanctions list on Chinese entities, the longer arm of jurisdiction extends", "the U.S. cannot allow China to take care of U.S. concerns on the one hand, and on the other hand continue to pressure Chinese enterprises".

China has always adhered to the multilateral economic and trade rules as the basic principles of social development and market management, continuously expanding openness, reducing tariffs, and reducing non-tariff barriers, in order to create a more equitable and reasonable development environment for all parties, including U.S. enterprises.Therefore, the United States should also commit to providing an open, fair, fair and non-discriminatory business environment for global enterprises, including Chinese enterprises, to continue to operate in the United States.

The stability of China-U.S. economic and trade relations is the basis and important condition for the establishment of development links between countries around the world, and the principles and models of international economic and trade relations between the two countries also have an important demonstration effect and broad impact. The markets of the two countries and other countries around the world are looking forward to the Sino-U.S. economic and trade agreement as soon as possible.

Chinese Ministry of Commerce International Trade Negotiations Representative and Deputy Minister Li Zhen Steel attended the conference.