China looks forward to working with the new U.S. administration to get the bilateral economic and trade relationship back on the “right track,” new Chinese Commerce Minister Wang Wentao told Biden at his first media conference since taking office.
Wang met with the media for the first Time at a briefing at the State Council Information Office on Wednesday afternoon (Feb. 24) to answer questions on hot topics such as U.S.-China economic and trade relations and China’s consideration of joining the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). This was Wang’s first press conference since he became China’s Minister of Commerce on Dec. 26, 2020.
At the press conference, Wang said he looks forward to working with the new U.S. administration to put bilateral economic and trade relations back on the “right track. He said China is willing to strengthen its trade and economic exchanges and cooperation with the United States on the basis of mutual respect, equality and mutual benefit.
Wang said that the essence of the economic and trade relations between China and the United States is mutually beneficial and win-win, and the interests of both sides are deeply integrated, so cooperation is the only correct choice. He stressed that this is the view that China has always insisted on.
Earlier, Chinese State Councilor and Foreign Minister Wang Yi on Feb. 22 blamed former U.S. President Donald Trump‘s administration for unilaterally interrupting the dialogue between the U.S. and China at all levels, becoming one of the major reasons for the deteriorating U.S.-China relations. Wang also accused the Trump Administration of failing to evaluate the implementation of the first phase of the U.S.-China trade agreement, as required.
Data from Bloomberg News late last year showed that in the first year of the first phase of the U.S.-China trade agreement, China completed only slightly more than half of its promised purchases of U.S. goods. Bloomberg calculated that China completed about 50.5 percent of its total purchase target of $172 billion for the first 11 months of 2020, based on data from China’s General Administration of Customs. Specific figures include that China purchased 54.1 percent of manufactured goods, 52.9 percent of agricultural products and 31.1 percent of energy products. The trade agreement was signed by the two countries on Jan. 15, 2020.
Official Chinese data show that U.S.-China trade is bucking the trend in 2020, with the total value of trade in goods reaching 4.06 trillion yuan, up 8.8 percent year-on-year, and China remains the top U.S. trade partner.
This shows that economic and trade cooperation is a positive driving force in the relationship between the two countries, bringing tangible benefits to both sides, Wang said.
After President Biden took office, there was uncertainty about the future of the trade agreements signed with China during the Trump presidency. White House spokeswoman Sachs said at a press conference on Jan. 29 that the Biden Administration will review all national security measures implemented by former President Trump, including the first phase of the U.S.-China trade agreement signed in January 2020. Sharkey did not answer a question about whether President Biden believes the trade deal continues to be valid.
Biden described China as “the most serious competitor” and the former President Trump administration characterized China as “a threat to the United States.
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