U.S. and China meet to improve trust and market access

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U.S. and China meet to improve trust and market access

The upcoming Strategic and Economic Dialogue between China and the US will focus on strengthening mutual trust and discussing a bilateral investment treaty, according to the Chinese Foreign Ministry. The key meeting, which is scheduled for Wednesday and Thursday, provides a chance for the world’s two largest economies to manage their increasingly complex relationship. Zhang Nini reports.

The upcoming strategic dialogue in Beijing will see Chinese Vice Premier Wang Yang and State Councilor Yang Jiechi discuss bilateral issues and common concerns with their US co-chairs, Secretary of State John Kerry and Treasury Secretary Jacob Lew.

U.S. and China meet to improve trust and market access

U.S. and China meet to improve trust and market access

The upcoming Strategic and Economic Dialogue between China and the US will focus on strengthening mutual trust and discussing a bilateral investment treat. Zhang Nini reports.
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Zheng Zeguang, the Chinese Vice Foreign Minister: “China is committed to building a new type of major-power relationship with the US. China is willing to work with the US on issues ranging from trade and investment to climate change to inter-military exchanges to international issues. On bilateral differences, China hopes the US will respect China’s sovereignty, respect China’s socialist system, and not draw lines based on alliances or ideology. ”

Relations have recently become increasingly fraught, with issues like China’s maritime disputes and cyber security causing friction.
In particular, China has called off its participation in the US-China Cyber Working Group, which was setup during a previous strategic dialogue, after five PLA officers were indicted on charges of hacking and economic espionage. Charges that China has denounced.

Zhou Jingxing, former counselor of the Chinese Embassy to the U.S.: “On cyber security, we also have our concerns. We expect the US to come up with an explanation about its cyber espionage activities against China.”

On economic issues, the agenda will include talks on market access, the Yuan’s exchange rate, and high tech exports.

Officials also expect to make major headway on a bilateral investment treaty. Cumulative direct investment from both countries continues to grow ever stronger, making investment increasingly important to advancing cooperation between China and the US.

Zhu Guangyao, the Chinese Vice Finance Minister: “China and the US expect to launch negotiations on the bilateral investment treaty. Reaching a consensus in these negotiations would be a historic achievement that will benefit both countries and the world economy.”

Better relations can also be achieved by building greater understanding between the people of both countries. Vice Education Minister Hao Ping also announced that a fifth China-US Consultation on People to People Exchanges will be held.