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Wang Yi Meets with Heads of the National Committee on the United States (US)–China Relations (NCUSCR) and the US-China Business Council (USCBC)

2018-09-25

On September 24, 2018 local time, State Councilor and Foreign Minister Wang Yi met with heads of the National Committee on the United States (US)–China Relations (NCUSCR) and the US-China Business Council (USCBC) in New York. Both sides exchanged in-depth views on China-US relations, China-US economic and trade cooperation and other issues.

Wang Yi said that China is the largest developing country and the US is the largest developed country in the world. The two countries are the world's top two economies and permanent members of the United Nations Security Council. Sound and stable development of bilateral relations is not only of vital importance to both countries and peoples, but also indispensable for maintaining global peace, stability and development. China and the US will soon celebrate the 40th anniversary of the establishment of diplomatic relations between the two countries. Confucius, a Chinese sage, said that "One should have no more doubts when he is 40." As for China-US relations, the most important lesson for both sides over the past 40 years is that only through cooperation can a win-win situation be attained, and confrontation will certainly lead to a lose-lose scenario. The two sides must unswervingly move towards in the direction of cooperation, especially when encountering problems and disturbance.

Wang Yi noted that negative postures of the US policy on China are on the rise recently. Some forces frequently made groundless accusations against China in the fields of economy, trade and security, creating sentiments of opposition and poisoning the atmosphere of bilateral relations. The accusations towards China are not true and irresponsible; if left unchecked, they will destroy the achievements of China-US relations in the past 40 years, which is unfavorable for the two countries as well as the world. The Chinese side always upholds that any issues between China and the US could be solved through equal and open dialogue.

Wang Yi said that Chinese and the US economies have been highly integrated, and bilateral economic and trade cooperation has brought huge benefits to industries and consumers. To cut off the economic relationship between China and the US, which has been claimed by some people, is unrealistic and harmful. China and the US are the largest emerging market and the biggest mature market respectively. In fact, the Chinese market is closely related to the livelihood of every US family. If the two sides can cooperate with each other actively, the US economy can attain lasting vitality from the Chinese market, and China can propel its development through the US market as well.

In response to questions raised by the US participants on China's market access, China's reform and opening up, and economic structural adjustment, Wang Yi emphasized that China will keep adhering to the deepening of reform and expanding of opening up. China's development has benefited from its reform and opening up, and further opening up is in need of China's development. After its entry into the World Trade Organization, China reduced the average tariff level to 9.8 percent, over-fulfilling its tariff reduction commitments. And the tariff level is below the average of developing countries. The number of sub-sectors opened by China in service trade market has reached 100, far exceeding the average number of 54 of developing countries and approaching the level of developed nations. China has implemented local record filing management for over 96 percent of foreign investments and has been implementing a management system of pre-entry national treatment plus a negative list, with the list shortened for foreign investments. Currently, China is seeking development of high quality, and deepening structural reform is part of the endeavor. President Xi Jinping has stressed many times that China's door of opening-up will only become wider, and a series of new measures have been and will be continuously launched. Yet China is still a developing country and it needs to advance the process of reforms based on its national conditions in an orderly and self-determined manner

Wang Yi pointed out that China does not intend to seek a trade surplus and is willing to resolve trade imbalances through consultations. However, dialogue should be based on equality and integrity and cannot be carried out under threats or pressure. The US side launched a larger scale of unilateral tariff-slapping action in the run-up to a new round of dialogue, which indicates that the US has no sincerity to solve the problem.

Wang Yi thanked members of the NCUSCR and the USCBC for their long-term efforts to promote China-US cooperation. Wang Yi hoped that they can play a positive role in the healthy development of China-US relations and mutually beneficial and win-win cooperation between the two countries.

Heads of the NCUSCR and the USCBC said that sound US-China relations are in the fundamental interests of both sides. Over the past 40 years, both the US and China have benefited greatly from the relations and cooperation between the two countries. Most people from the US business circle do not agree to solve the current problem by slapping tariffs, and the rhetoric and actions to try to regard China as a hostile force is wrong. The US and China need to strengthen dialogue, particularly at this moment, enhance mutual understanding, and solve problems in the development of bilateral relations through consultations. In the long run, the two sides need to transcend specific issues such as trade, and conduct strategic communication on the long-term development of bilateral relations.

The US side stated that the US-China economic and trade cooperation has long been a stabilizing force for bilateral relations, and the US business circle has always been a firm supporter for US-China relations. The US business circle sincerely hopes to resolve structural problems in bilateral economic and trade relations through more pragmatic dialogue and constructive ways including promoting discussion and signing of bilateral investment agreements. The NCUSCR and the USCBC are willing to continuously give play to their role and influence in promoting the constant development of bilateral relations on a normal track.

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