China, U.S. embark on one-year action plan

China and the United States have concluded their first Comprehensive Economic Dialogue and announced to start a one-year action plan to further expand their cooperation. 

File photo of Zhu Guangyao [Photo: mof.gov.cn]

During a press briefing upon the conclusion of the Dialogue, Chinese vice finance minister Zhu Guangyao said both sides have acknowledged the concrete progress they have achieved in the first 100 days since the presidential summit in Mar-a-Lago in April.

"As we passed the 100-day marker, both sides took the opportunity of the first Comprehensive Economic Dialogue to review the implementation of the 100-Day action plan. And we both highly appreciated the outcomes."

The U.S. Department of Treasury also hailed the progress that has been made in its statement. Both China and the United States have also hailed the good working relationship they have established through their cooperation over the last one hundred days.

In the wake of the initial success, both sides have agreed to launch a one-year action plan to further expand their cooperation.

Vice Minister Zhu Guangyao said, the one-year action plan covers such areas as macro-economy and finance, trade, investment and global economic governance. Both sides have pledged to achieve initial results.

Zhu disclosed that the two sides have also discussed some thorny issued in bilateral trade.

"During the first Comprehensive Economic Dialogue, both sides held candid discussion on structural issues of bilateral trade and agreed that the solution to the trade in-balance does not lie in the termination or decrease of U.S. import from China. Instead, the U.S. should boost its export to China to make bilateral trade more balanced."

He noted that U.S. does have a deficit against China in trade of goods. However, it also enjoyed a huge surplus in trade of services.

Zhu believed with the implementation of the one-year action plan, China and the U.S. will achieve a win-win result.