China and The United States Issued a Joint Statement on Economic and Trade Consultations

China and the United States issued a joint statement on Saturday (May 19) on economic and trade consultations, vowing not to launch a trade war against each other. According to President of the People’s Republic of China President Xi Jinping and the United States President Donald Trump, Chinese and American delegations held constructive consultations on trade issues on Thursday and Friday.

Both sides agreed to take effective measures to significantly reduce the U.S. trade deficit in goods with China. According to the statement, China will significantly increase the purchase of goods and services in the United States to meet the consumption needs of the Chinese population, which will contribute to China’s high economic development, and will also support economic development and employment in the United States. The countries agreed to significantly increase the export of U.S. agricultural products and energy. The U.S. side will send a delegation to China for further consultations. Both sides talked about the expansion of trade in industrial goods and services, reached a consensus to create favorable conditions for increasing trade in these areas.

The statement said that the two sides highly valued intellectual property protection and agreed to promote cooperation in this regard. According to the statement, China will promote the revision of relevant laws and regulations, including Patent Law. Both sides also agreed to encourage bilateral investments and committed themselves to creating a business environment for fair competition. The countries agreed to maintain high-level contacts in this respect and actively seek solutions to their economic and trade problems.

The Chinese delegation was led by Xi Jinping’s special envoy and Vice Premier Liu He, and the U.S. officials included Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and Trade Representative Robert Lighthizer.