Xinhua Commentary: China-U.S. trade talks offer relief, reassurance to global economy

BEIJING, May 12 (Xinhua) -- In the just concluded China-U.S. high-level meeting on economic and trade affairs in Switzerland, China and the United States engaged in candid, in-depth and constructive communication across multiple areas, reaching a series of important consensuses and making substantive progress.

This marked a crucial step toward resolving differences through equal dialogue and consultation, laying the foundation and creating the conditions for further bridging gaps and deepening cooperation.

With a combined economic output accounting for over one-third of the global total and a bilateral trade volume representing about one-fifth of global trade, China-U.S. trade ties play a pivotal role in the world economy. Amid a sluggish global recovery and heightened geopolitical tensions, the importance of keeping communication channels open between the two sides is clear. The substantive progress achieved reflect joint efforts to manage differences and find common ground in a complex global environment.

China has always taken a consistent and constructive approach to its economic relationship with the United States, seeking to bring bilateral ties back to a stable and healthy trajectory through dialogue and consultation. Encouragingly, the United States has shown a willingness to engage in that process.

But there is no ignoring the damage already done. Over the past month, unilateral tariffs imposed by the United States have taken a significant toll, not only on the Chinese and U.S. economies but also on the global economy. Domestically, U.S. businesses and consumers are paying more, while U.S. inflationary pressure continues to rise.

The global impact is even more concerning. These tariffs have disrupted the stability of global industrial and supply chains and undermined the rules-based multilateral trading system. International institutions such as the IMF and the World Bank have repeatedly warned that protectionism poses a major threat to the global economic recovery. In this context, the recent round of China-U.S. talks has provided a much-needed signal of stability and certainty.

The positive outcomes of the latest talks reaffirm that for major countries, equal and constructive dialogue -- not confrontation -- is the only effective way to address differences. Given the distinct national contexts and priorities, disagreements are to be expected. What matters most is that such differences are managed with mutual respect for each other's core interests and through sustained dialogue.

No country will surrender its legitimate development rights to unreasonable demands. It is through equal dialogue and consultation can both sides clearly state their concerns, clarify misunderstandings, and explore the root causes of friction.

It is in the United States' own interest to maintain a stable, sustainable and mutually beneficial economic relationship with China. Decades of mutually beneficial cooperation in trade, services and two-way investment have brought concrete gains to businesses and people on both sides. Despite recent tensions, this foundation of shared interests remains strong.

China has consistently maintained that economic and trade disputes should be addressed through rational and respectful dialogue rather than through pressure or threats. Unilateral coercion does not resolve problems; it only heightens tensions, increases risks and undermines the long-term interests of both sides.

The convening of the China-U.S. high-level meeting on economic and trade affairs marked a positive step forward in China-U.S. economic and trade relations, helping to lay a foundation for continued dialogue and future negotiations.

While we are glad to see the resumption of dialogue, we are also fully prepared for the long-term, complex and arduous nature of resolving differences between the two counries.

The two sides need to maintain the current momentum of dialogue, control differences, accumulate consensus and strengthen trust through equal consultation.

What is more important, both sides should approach this most consequential bilateral relationship in the world with a longer-term perspective and broader vision, keeping in mind the fundamental well-being of their peoples and the bigger picture of global peace and prosperity.

Strengthening cooperation on the basis of mutual benefit and managing differences with mutual respect is not only the responsibility of China and the United States, but also the shared expectation of the international community. ■