China-US trade talks conclude with positive results

WASHINGTON - China and the United States concluded Wednesday their latest round of high-level trade talks with both agreeing to inject new vitality to bilateral trade and economic relations.

The 23rd Session of China-US Joint Commission on Commerce and Trade (JCCT) was co-chaired by visiting Chinese Vice-Premier Wang Qishan, acting US Commerce Secretary Rebecca Blank and US Trade Representative Ron Kirk.

Chinese Vice Premier Wang Qishan (C) attends the opening ceremony of the 23rd Session of China-US Joint Commission on Commerce and Trade (JCCT), in Washington, the United States, Dec 19, 2012. [Photo/Xinhua]

The two sides achieved a variety of consensuses on promoting bilateral trade and business ties, and signed two documents, namely a memorandum of understanding in support of China-US trade cooperation and the second phase report on the statistical discrepancy of merchandise trade.

They agreed that strengthening China-US economic and trade cooperation is conducive not only to the economic growth and job creation in both countries, but also to the robust, sustainable and balanced economic growth of the world.

It was also agreed that both sides will take full advantage of the platform of the JCCT to resolve differences and enhance cooperation in order to continue creating momentum for the bilateral economic and trade ties.

Speaking at a plenary session, Wang noted that the global economy is still facing severe and complex challenges, and that the only certainty among the uncertainties is that the sluggish global economic recovery would continue for a long time to come.

To foster economic growth, stability and job creation should be the top priorities for all nations, Wang stressed.

With China and the United States respectively being the largest developing and developed country in the world, further boosting China-US economic and trade cooperation is of critical importance not only to the two economies but also to the global economy as a whole, Wang said.

Since the onset of the global financial crisis in 2008, in a constructive and cooperative spirit, China and the United States have firmly safeguarded the common interests of the two peoples by joining hands in dealing with challenges and rejecting politicization of economic issues, through the platform of the JCCT, Wang said.

The JCCT is one of the pillars of the stability in the relationship between the United States and China, Kirk stressed.

The United States and China are now the two largest economies in the world, and the bilateral relationship, particularly the bilateral trade and commerce relationship, has never been more important, Blank said.

Blank called on both sides to use the platform to advance progress toward a balanced and ever growing trade and investment relationship.

Established in 1983, the JCCT is a platform for China and the United States to promote trade relations and address issues of mutual concern.