The first meeting of the China-US economic and trade consultation mechanism is being held in London, which is another important opportunity for the two sides to resolve differences through equal dialogue and consultation. All sectors of China and the United States and the international community look forward to the two sides implementing the consensus reached by the heads of state in the call of the two countries and adding certainty and stability to the respective development of the two countries and the global economic recovery.

To promote dialogue and consultation, we need to look at each other's economic and trade relations rationally and objectively. After decades of development, China-US economic and trade cooperation has formed a pattern of complementary advantages and mutual benefit and win-win results. The healthy development of the economic and trade relations between the two countries has not only benefited the people of both countries, but also made important contributions to world economic growth. Objective analysis of the data shows that the benefits of Sino-US economic and trade exchanges are roughly balanced. The US side has a deficit in goods trade with China, which is not only an inevitable result of the structural problems of the US economy, but also determined by the comparative advantages of the two countries and the international division of labor pattern. The United States has a clear advantage in the fields of service trade and multinational operations. In 2024, the U.S. service trade surplus with China reached US$27.3 billion. In 2022, sales of US-funded enterprises in China reached US$490.5 billion, far exceeding the sales of Chinese-funded enterprises in the United States of US$78.6 billion, with a difference of more than US$400 billion. Taking into account the three factors of goods trade, service trade and local sales of domestic enterprises in other countries' branches, there is no problem of who suffers or who takes advantage of China-US economic and trade exchanges.

As we all know, China's exports to the United States contain a large amount of international division of labor, and the current statistical method of goods trade is to calculate China's exports based on the total value (the full amount of goods exported by China to the United States). If calculated based on the added value of trade, the US's trade deficit with China will shrink significantly. China does not deliberately pursue surpluses. In fact, the ratio of China's current account surplus to GDP has dropped from 9.9% in 2007 to 2.2% in 2024. In recent years, the U.S. trade deficit with China has accounted for a proportion of its overall trade deficit, falling from 47.5% in 2018 to 24.6% in 2024. The scale of the US trade deficit with the global goods has hit new highs, reaching US$1.2 trillion in 2024. This once again proves that the main reason for the deficit in the US trade in goods lies in its own economic structure.

The potential for US goods exporting to China has not been fully released, which has a lot to do with US policies. The United States' comparative advantage lies in its high-tech industries, but in recent years, the United States abused the concept of national security and politicized economic and trade issues. After the Sino-US Geneva Economic and Trade Talks, the US has successively introduced a number of discriminatory restrictions on China, including issuing guidelines for export control of AI chips and halting the sales of chip design software (EDA) to China. The endless restrictions have caused American companies to miss opportunities in the Chinese market. Facts have repeatedly proved that "small courtyard high wall" and "decoupling and breaking chains" violate economic laws and hinder normal economic and trade exchanges between enterprises from the two countries.    

China firmly promotes high-level opening up and actively expands imports, providing more opportunities for countries around the world, including the United States. From giving full play to the role of promoting important exhibition platforms such as the CIIE, Canton Fair, Service Trade Fair, and Consumer Expo, to promoting the cultivation of national import trade promotion innovation demonstration zones, and then to continuously improving the level of import trade facilitation, China has continuously tapped its import potential, built a super-large-scale market into a world-sharing market, and injecting new impetus into global economic development.

The real picture of Sino-US economic and trade relations is complementary to advantages and win-win results. Only by demolishing the artificially set "iron fences" and smoothing the "two-way paths" of economic and trade cooperation can we promote the stable and healthy development of China-US economic and trade relations. As the world's top two economies, strengthening economic and trade cooperation will not only help each other's development, but will also provide important guarantees for the stability of the global industrial chain and supply chain.

We believe that through equal consultation and practical cooperation, China and the United States can find mutually beneficial and win-win solutions. We hope that both sides will work together to create favorable conditions for the two countries' enterprises to carry out normal economic and trade activities, so that the results of cooperation can better benefit the people of both countries and make greater contributions to the recovery and growth of the global economy.