South China Morning Post:

In May, after U.S. President Donald Trump's visit to China, the two sides announced they would establish a trade council to discuss reciprocal tariff reductions and other cooperation, as well as an investment council. Could MOFCOM please update us on the latest progress of these two mechanisms? Thank you.

Yan Dong:

I will invite Ms. Meng to answer this question.

Meng Huating:

Thank you for your question. During U.S. President Trump's visit to China, the two heads of state established "constructive strategic stability" as the new positioning of China-U.S. relations and affirmed the generally balanced and positive results achieved by the two sides' economic and trade teams. Among these results, the two sides agreed to establish a trade council and an investment council.

Currently, the economic and trade teams of China and the United States are in close communication on specific arrangements for the trade council's structure, functions and operating model. They are also exploring a reciprocal tariff reduction framework of $30 billion on each side. China is widely soliciting opinions from domestic enterprises, business associations, local governments and business associations of U.S.-funded enterprises on the relevant arrangements. The U.S. side is also seeking public comment on the trade council and the reciprocal tariff reductions. Both sides will maintain close communication, agree on tariff reductions for specific products as soon as possible and promote their implementation to further expand bilateral trade.

We believe the two councils will provide a platform for the two sides to hold pragmatic discussions on each other's concerns in trade and investment. They will help both sides exchange views on policy, expand cooperation, manage differences and shift China-U.S. economic and trade consultations from "crisis response" to "institutionalized management." That shift will help keep China-U.S. economic and trade relations stable. Thank you.