China hopes to work with the United States toward “positive results” at the expected meeting between the two countries’ leaders in Argentina, the Ministry of Commerce said on Nov 29.
China is also willing to work with other countries to safeguard free trade and push for “positive and practical” results at the G20 Leaders’ Summit in Buenos Aires, Gao Feng, the ministry spokesman, said at a news briefing.
President Xi Jinping and US President Donald Trump are due to hold closely watched talks on the sidelines of the summit. “I hope that the US and China will move toward each other and work hard to achieve positive results,” Gao said.
When asked about China-US trade and business developments, Gao said China has repeatedly stressed that the essence of bilateral economic and trade cooperation is to reach win-win results.
The two heads of state had previously agreed to promote a mutually acceptable solution on bilateral economic and trade issues. Economic teams from the two nations are working to implement the consensus of the two leaders, according to the ministry.
On Nov 27, nearly 150 US business groups urged the White House to resolve the dispute with China.
Because G20 members account for 86 percent of global GDP and their trade volume accounts for nearly 80 percent of the world’s total, Gao said by working with other members, China hopes to demonstrate a cohesive and constructive dialogue on international trade as a driving force for sustainable development.
“It will be the first time the two leaders from China and the US have met face-to-face since bilateral trade tension escalated,” said Sang Baichuan, a professor at the University of International Business and Economics in Beijing.
Since trade protectionism has undermined the global value chain, many economies are hoping the summit will play a similar role to the one in London in 2009, which generated a concerted response to the global financial crisis, and will steer the world away from protectionism, Sang said.
“To protect the global economy, the unified approach demonstrated in London many years ago is needed now,” he said.