Beijing, Washington agree to maintain communication and manage differences

China and the United States have agreed to maintain communication and manage differences during the presidential transition process in the White House, and to continue stabilizing bilateral economic ties, as stated on Tuesday during a video call between Vice-Premier He Lifeng and US Treasury Secretary Janet Yellen.

It is of great importance for the world's two largest economies to find the right way to coexist and cooperate, not only for the benefit of the two nations, but also for the greater good of the world, analysts said.

According to Xinhua News Agency, He and Yellen, the lead individuals for China-US economic and trade affairs, reviewed the experience of bilateral economic exchanges and cooperation in recent years and spoke highly of the important role of the China-US economic and financial working groups and other dialogue mechanisms.

The China-US economic and financial working groups, both launched in September 2023, and co-chaired by vice-ministerial officials from the two sides, have so far held seven meetings each.

Over the past year, each working group has held five face-to-face meetings, which is a clear indication that the two sides are committed to engaging in substantive dialogue and finding ways to cooperate for their mutual benefit despite trade frictions, said Gao Lingyun, a researcher at the Chinese Academy of Social Sciences.

The frequency of these high-level discussions shows that China and the US can work together when there is a genuine willingness to do so, Gao said, stressing that this level of engagement is crucial, especially in the current global environment marked by economic uncertainties and geopolitical tensions.

However, the dialogue mechanisms established during the administration of US President Joe Biden could face an uncertain future after Donald Trump, who previously served as US president between 2017 and 2021, returns to office later this month, analysts said.

During the early days of Trump's previous presidency, there were over 90 communication channels between the Chinese and US governments, said Diao Daming, a professor of US studies at Renmin University of China's School of International Studies. But Trump and his team did not maintain these established mechanisms, and instead opted to sideline them, Diao said.

The continued functioning of the working groups, alongside other high-level dialogue mechanisms, will continue to be instrumental in fostering practical cooperation and mitigating risks in the China-US economic relationship, regardless of changes in political leadership in the US, Diao added.

The US Treasury Department said in a statement that "both sides agreed about the importance of communication and contact", and said the video call was "candid, in-depth, and constructive".

During the video call, China also expressed concerns over economic and trade restrictions by the US against China, particularly the recent trade probes initiated by Washington, according to Xinhua.