What Is The Impact Of The First Stage Economic And Trade Agreement Between China And The United States?

　　 Significant progress has been made in Sino US economic and trade consultations. The press office of the State Council held a news conference at 23 on December 13th, announcing that the two sides have reached agreement on the first stage economic and trade agreement between China and the United States. Ning Jizhe, deputy director of the national development and Reform Commission, deputy director of the office of the central finance and Economic Commission, Liao min, Vice Minister of finance, Vice Minister of foreign affairs Zheng Zeguang, Han Jun, Vice Minister of agriculture and rural affairs, Vice Minister of Commerce and vice president of international trade negotiations, briefed reporters on the progress of Sino US economic and trade consultations at the press conference.

It was learned from the press conference that the agreement reached on the basis of equality and mutual respect and lasted for 22 months. The agreement includes nine chapters: preamble, intellectual property rights, technology transfer, food and agricultural products, financial services, exchange rate and transparency, expanding trade, bilateral assessment and terminal settlement, and final provisions. At the same time, the two sides agreed that the US side will fulfill relevant commitments to phasing out tariffs on Chinese products at a phased stage, so as to achieve a shift from increased tariffs to lower tariffs.

The two sides agreed that the two sides would complete the legal examination and translation of the necessary procedures as soon as possible, and negotiate the time, place, form and other specific arrangements for the formal signing of the agreement.

On the next stage of consultations between the two sides, Liao Min, deputy director of the office of the central finance and Economic Commission and vice minister of finance, responded that the second stage consultation will depend on the implementation of the first stage agreement. The two sides have just reached agreement on the first stage agreement. It is imperative for us to sign and implement the agreement, and when to start and when to proceed.

It will have positive effects on economy and trade, investment and so on.

Wang Shouwen, Vice Minister of Commerce and vice president of international trade negotiations, read the statement on China's first stage economic and trade agreement between China and the United States.

The statement said that China believes that China and the United States as the world's largest economies must handle the economic and trade relations between the two countries from the overall situation and conclude that economic and trade agreements are conducive to the fundamental interests of the Chinese and American peoples and the people of the world, and will have an accumulating effect in economic and trade, investment and financial markets.

　　 This agreement is in line with China's general direction of deepening reform and opening up, and its inherent needs to promote the development of high quality economy. The implementation of relevant agreements will help to strengthen intellectual property protection, improve business environment, expand market access, better safeguard the legitimate rights and interests of all kinds of enterprises including foreign enterprises in China, and also protect the legitimate rights and interests of Chinese enterprises in the US economic and trade activities.

The two sides agreed to negotiate the formal signing of the agreement.

The statement said that with the expansion of China's domestic market, Chinese enterprises should increase the import of high-quality and competitive products and services from countries including the United States in accordance with the WTO rules and the principles of marketization and commercialization, which will help to conform to the trend of domestic consumption upgrading and meet the growing needs of people's lives.

This agreement is conducive to strengthening Sino US cooperation in the field of economic and trade cooperation, effectively controlling and resolving differences in economic and trade fields, and promoting stable development of Sino US economic and trade relations. In the context of the current downward pressure on the global economy, this agreement is conducive to enhancing confidence in the global market, stabilizing market expectations, and creating a favorable environment for normal economic and trade activities and investment activities.

The two sides agreed that the two sides would complete the legal examination and translation of the necessary procedures as soon as possible, and negotiate the specific arrangements for the formal signing of the agreement.

After signing the agreement, it is hoped that both sides will abide by the agreement and work hard to implement the relevant contents of the first stage agreement, do more things conducive to bilateral economic and trade relations and global economic and financial stability, and safeguard world peace and prosperity.

The US side has promised to increase tariff exemption for Chinese exports to the US.

Whether the first stage trade agreement includes the abolition of tariffs imposed by the two sides at the present stage has become the focus of attention both inside and outside the press conference.

Liao Min, deputy director of the office of the central finance and Economic Commission and vice minister of finance, responded that the lifting of tariffs is the core concern of China in economic and trade negotiations, and the two sides have reached agreement on this issue.

　　 Liao Min said that as the two sides reached the first stage agreement, the US side has promised to cancel part of the tariffs imposed on China and impose tariffs, and will increase the tariff exemption for China's US products, and promote the trend of tariff increase from a rising trend to a downward trend. "This is a promise and a positive one."

Regarding the situation of Chinese customs duties, Liao Min said that the US side has now promised to cancel some tariffs on Chinese products, while increasing the tariff exemption for China's US products. China hopes that the US side can fulfill its commitments faithfully. At the same time, the Chinese side will also consider not implementing the measures to impose tariffs on US imports in December 15th. This is the consensus reached between the two sides on the tariff issue in the first stage agreement.

Dispel doubts 1: what is the positive significance of Sino US expansion of trade cooperation?

　　 Ning Ji Zhe, deputy director of the national development and Reform Commission, pointed out that expanding Sino US trade cooperation is conducive to meeting the growing needs of the Chinese people and expanding the import of high-quality products and services from the United States in the fields of energy, manufactured goods, medical treatment, finance and so on. It can bring more convenience, more affordable and richer varieties to Chinese consumers.

Expanding Sino US trade cooperation is in line with the requirements of China's high-quality economic development. Ning Ji zhe said that expanding the import of advanced technology and equipment and key parts needed for domestic needs will help Chinese enterprises to invest more effectively at a higher level while meeting the needs of domestic enterprises. Expanding service imports from the United States will also help domestic service enterprises to enhance their competitiveness and further improve the quality and level of service delivery.

Ning Jizhe also pointed out that China is an important export market for the United States. Expanding Sino US trade cooperation is also of positive significance for the United States. China is the second largest export market for agricultural products in the United States. It is the second largest export destination for us soybean and the largest export destination for cotton. Through the shale oil and gas revolution, the oil and gas production in the United States has greatly improved, and it is also necessary to open up the international energy market and increase the export of energy products.

Dispel doubts 2: does it affect China and other trade partners?

Ning Jizhe said that because the Sino US economy has strong complementarity, the two countries have the potential to expand trade cooperation in many areas. In addition to agricultural products, in accordance with the principles of marketization and WTO rules, China and the United States will make joint efforts to help and promote Chinese enterprises as the market players and expand the scale of imports from the United States in the fields of energy, manufactured goods and services, as required.

Ning Jizhe said that expanding trade cooperation must be based on the principles of marketization and WTO. The US side needs to protect the supply capacity, improve product quality and price competitiveness, and meet the relevant regulatory requirements of China. China and the United States are both market economies. As long as the products and services of the United States are marketable, they can meet the needs of the Chinese people and expand their imports from the United States.

In view of whether the expansion of trade cooperation between China and the United States will affect the relationship between China and other trading partners, Ning Ji zhe said that China's domestic market is huge, and the demand for goods and services of high quality and low price is increasing. China welcomes equal competition among enterprises in the Chinese market, and Kuo Dazhong US trade cooperation will not affect the interests of other trading partners.

Dispel doubts 3: how does China evaluate the first stage economic and trade agreement?

Liao Min pointed out that this agreement is in the interest of the Chinese and American peoples and the people of the world. The initial conclusion of our agreement with the US is to start from the overall interests of safeguarding the fundamental interests of the Chinese and American peoples and the people of the world. We believe that this agreement will have a positive impact on the global trade, investment and financial markets. As you can see, in the two days when the two sides announced the agreement, the global capital market gave a positive response.

The agreement is in line with the general direction of China's deepening reform, and is also in line with China's own internal demand for promoting high-quality economic development. At the same time, the implementation of the agreement will help to better safeguard the legitimate rights and interests of all foreign-funded enterprises in Central China, and to better protect the legitimate rights and interests of Chinese enterprises and investors in the US economic and trade activities.

With the continuous development of China's domestic market potential and the expansion of market capacity, enterprises in China, including state-owned enterprises, private enterprises and foreign-funded enterprises, will expand bilateral trade cooperation and activities in accordance with WTO rules and follow the principles of marketization and commercialization. This will enable thousands of consumers and producers in China to enjoy products and services with different characteristics and better meet the growing needs of the Chinese people.

The signing of the agreement and the future implementation will help promote economic and trade cooperation between China and the United States, control and resolve economic and trade differences, and promote stable development of Sino US economic and trade relations. China is also willing to work with the US side to do more beneficial and positive things for the development of bilateral economic and trade relations.

It has the final say that the agreement has the final say, and the market will have the final say. He added that the positive reactions of domestic and foreign capital markets in these two days have given a clear answer. The response of the financial market is the most sensitive. It is only the first step ahead of other places. "I believe this positive and positive effect will continue to emerge in more areas of economy, trade, Finance and so on, which is also in line with our original intention to sign the agreement."

Dispel doubts 4: how to ensure the implementation of the first phase of the agreement?

There was a reporter's question on how to ensure the implementation and implementation of the first phase of the agreement. During the previous negotiations, there were also some variables that appeared in the US. How do we see some uncertainties in the implementation of the agreement? What's the impact on Sino US relations?

Zheng Zeguang, Vice Minister of foreign affairs, said that after 40 years of development of diplomatic relations, the interests of China and the United States are deeply integrated, and there are more and more global challenges that need to be dealt with in cooperation. This includes the global economic and financial stability and development. On the other hand, there are still some deep-seated problems between China and the United States that must be addressed and dealt with properly. China has been and will continue to show our solemn stand and make necessary and resolute response to the mistakes and words of the US side.

Zheng Zeguang pointed out that in the past 40 years, China and the United States have given us the greatest inspiration: cooperation between China and the United States is the only right choice; mutual respect and seeking common ground are the ways to get along with China and the United States. The course of economic and trade negotiations over the past year has also fully illustrated this principle.

"We hope that the US side will work with the Chinese side and follow the important consensus reached by the two heads of state and control differences on the basis of mutual respect. We should expand cooperation in various fields on the basis of mutual benefit and jointly push forward Sino US relations based on coordination, cooperation and stability." Zheng Zeguang said.

Significant progress in economic and trade consultations is conducive to enhancing global market confidence

After twists and turns, Sino US economic and trade consultations have finally taken an important step. According to the information disclosed at the conference, the results of the first stage of Sino US economic and trade consultations are basically in line with market expectations. Two days ago, based on the optimistic expectation of the first phase of Sino US economic and trade consultations, the global capital market almost rose unanimously, which is actually a "popular aspiration" from the market. The whole global village does not want the Sino US economy to fall into confrontation. This will not only lead to double lose but also drag the global economy that has already begun to freeze.

As stated in the statement, China and the United States as the world's largest economies must proceed from the overall situation in dealing with the economic and trade relations between the two countries, and conclude that economic and trade agreements are conducive to the fundamental interests of the Chinese and American peoples and the people of the world, and will have a positive effect in economic and trade, investment and financial markets. This is also the fundamental basis for the first stage of economic and trade consultations. Sino US economic and trade consultation is not a game of forcing who and who to give concessions, but for the common goal of the two sides.

It is under this consensus that the trade agreement reached between China and the United States has become an agreement of equality, mutual benefit and win-win cooperation. In the context of the current downward pressure on the global economy, the agreement will help enhance global market confidence, stabilize market expectations, and create a favorable environment for normal economic and trade activities and investment activities.

The agreement is in line with the interests of the Chinese people, because the agreement is in line with China's general direction of deepening reform and opening up, and its inherent need to promote the development of high quality economy. For example, strengthening intellectual property protection, improving business environment, expanding market access, and better safeguarding the legitimate rights and interests of all kinds of enterprises, including foreign enterprises, are also necessary for China to deepen reform and opening up.

Finally, two points should be pointed out. First, although this is an agreement that the whole world loves to see, it does not mean that the Sino US trade dispute is ended. The Sino US trade dispute has profound historical background and global background. The so-called trade disputes are not only existed between China and the United States. This is only the conclusion of the first stage economic and trade agreement between China and the United States. There will still be heavy work to be done by the two sides' negotiators. There are still unknown variables that need to be prevented and dealt with.

It should be noted that before the agreement was reached, China and the US have already made several tax increases with each other, involving a huge amount of commodity value. The cancellation of the added tariffs will also take a period of time and need to be patient.

Second, this is a very important agreement. After 22 months of hard consultation, China and the United States finally reached a preliminary consensus on the basis of equality and mutual respect. This is an important first step. Not only is the content important, it also sets up a sample for future economic and trade consultations to control and resolve economic and trade differences.

In the future, when the fact proves that the conclusion of Sino US economic and trade agreement will be beneficial to China and the United States and benefit the world, the pace and pace of Sino US economic and trade consultations will also accelerate.