Closer economic and trade cooperation between China and the United States will benefit both countries as well as help safeguard the stability of the global economy to better address challenges and pursue development, experts and business executives said.
They also said the containment and suppression policies the U.S. pursues with China, especially those in high-tech areas like semiconductors, will cause great damage to global industrial and supply chains, while China has multiple means to protect itself and safeguard the core interests of its enterprises and people.
Their comments came as the two countries have shown stronger momentum to communicate and manage differences, amid recent intensified top-level visits and talks.
Late on Sunday, China’s Finance Minister Lan Fo’an held talks with U.S. Treasury Secretary Janet Yellen in Beijing, according to the ministry.
They exchanged views on issues such as the macroeconomic situations in China and the U.S., bilateral economic relations, and cooperation in addressing global challenges. Deputy Finance Minister Liao Min attended the meeting.
Chinese Vice-Premier He Lifeng and Yellen held multiple rounds of talks in Guangzhou, Guangdong province, from Friday to Saturday.
Focusing on the implementation of the significant consensus reached between leaders of the two countries, they had in-depth, candid, pragmatic and constructive exchanges on the macroeconomic situations of the two countries and the world, Sino-U.S. economic relations and global challenges.
The two sides agreed to discuss issues such as balanced growth of the U.S. and Chinese economies as well as the global economy, financial stability, sustainable finance, and anti-money laundering cooperation under the framework of the China-U.S. economic and financial working groups.
Lin Shen, an associate research fellow with the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, said that strengthening economic cooperation between China and the U.S. will not only bring mutual economic benefits to both countries, but also provide important support for the stability and development of the global economy.
“The economies of China and the U.S. are notably complementary. Cooperation between the two sides can facilitate technology exchanges, market expansion, and the enhancement of industrial and supply chains, thereby enhancing economic efficiency,” Lin said.
If the two countries work together to reduce trade barriers, improve the circulation of goods and services, and promote two-way investment, there will be more business opportunities for companies, which will increase employment and consumer choices for the people of both countries, improving their living standards, he said.
In addition, the world’s two largest economies have a responsibility to jointly address global challenges in areas such as climate change, public health and cybersecurity, he added.
Such sentiments are widely shared by many U.S. enterprises.
Henry Ding, senior vice-president of U.S. industrial conglomerate 3M and president of 3M China, said that China is the largest overseas market for 3M, and the company is committed to the Chinese market, as it sees great potential in contributing to and benefiting from China’s high-quality development trajectory.
The company will put a new industrial facility into use in Shanghai within this year, following the official launch of the China Adhesive Prototyping Center at the Shanghai Jinshan plant in 2022.
Liu Jie, president for China unit of Carestream Health Inc, a U.S.-based medical equipment manufacturer, said that it will localize the production of a variety of items in China this year to secure a larger market share, aiming to bolster the company’s domestic innovation and manufacturing capabilities in high-end medical devices.
“As China has been actively promoting the expansion and equitable distribution of high-quality medical resources to address regional disparities in healthcare access, demand for imaging services in this market continues to grow, and so does the need for advanced imaging equipment in medical institutions. This has raised the bar for technological innovation in imaging equipment,” Liu said.
During the talks between He and Yellen, the Chinese side expressed serious concerns about the U.S. trade and economic restrictions against China and fully responded to the production capacity issue.
Reuters also reported on Friday that the U.S. plans to press the Netherlands to stop its top chipmaking equipment maker ASML from servicing some tools in China.
The move is seen as Washington tightening restrictions on chip exports to China.
Lin of the Chinese Academy of Social Sciences, warned such moves will disrupt global supply chains, obstruct technological development, increase market uncertainties and escalate international trade frictions.
At the same time, China can take countermeasures ranging from restricting tech exports to promoting sci-tech innovations and increasing self-reliance in the semiconductor industry, so as to offset potential impact, he said.
