China, US commerce authorities to establish new working group

China and the United States will establish a new communication channel between their commerce authorities, according to a statement released by China's Ministry Commerce.

During his meeting with US Commerce Secretary Gina Raimondo on Monday in Beijing, Chinese Commerce Minister Wang Wentao and his US counterpart agreed to form a working group. This group will comprise deputy ministerial and bureau-level government officials from both countries alongside business representatives, to seek solutions to specific commercial issues, said the statement.

The working group will hold deputy ministerial level meetings twice a year. Wang and Raimondo have agreed to maintain regular communication and to meet at least once annually.

Both sides have initiated an export control information exchange mechanism, serving as a means to interpret their respective export control systems and enhance communication. They will exchange information related to export control in accordance with their respective laws.

The Chinese commerce minister emphasized his serious concerns regarding various issues, including the US Section 301 tariff measures on China, semiconductor policies, two-way investment restrictions, discriminatory subsidies and sanctions on Chinese companies during the meeting on Monday.

In addition to stressing that broadening the concept of national security is detrimental to normal economic and trade interactions, Wang highlighted that implementing unilateral and protectionist measures goes against market rules and the principles of fair competition, ultimately harming the security and stability of global industrial and supply chains.

Despite multiple assurances from the US that they don't intend to decouple from China, Wang expressed the hope that concrete actions would align with these statements.