China-US economic cooperation on right course: Chinese vice premier

WASHINGTON — Chinese Vice Premier Wang Yang said here Tuesday that the recent fruitful cooperation between the world's largest two economies has proved that China-US economic cooperation is sailing on the right course.

Speaking at a business luncheon ahead of the first China-US Comprehensive Economic Dialogue, which is slated for Wednesday, Wang recalled that after the US presidential election last year, many fretted that China-US trade relations would "enter a stormy season of winter and even run the risk of a trade war."

At that critical juncture, Chinese President Xi Jinping's April trip to the US state of Florida and meeting with his US counterpart, Donald Trump, at Mar-a-Lago "set a constructive tone for China-US relations in a new era," Wang added.

He noted that the two sides then decided to set up four high-level dialogue mechanisms, including the Comprehensive Economic Dialogue, and launched a 100-day plan for bilateral economic cooperation, "which was most reassuring to the business communities in both countries."

"Thanks to the painstaking efforts of both sides, the 100-Day Plan has delivered major outcomes," Wang said, noting that the American beef has found its way back to the Chinese market after 14 years and the policy barriers for US liquefied natural gas (LNG) exports to China have started to crumble.

"In the first five months of this year, China had already imported 400,000 metric tons of LNG from the United States, standing in sharp contrast to zero in the same period of last year," he added.

"More importantly, through 100 days of intensive engagement, our economic teams have built mutual trust, and managed to establish a way of communication featuring mutual respect and win-win cooperation," he said.

He thanked the two countries' business communities for their long-standing support and active participation, and reiterated that "China-US business cooperation is market behavior" and "the underlying drivers lie in the people and the business communities."

"Although there may still be twists and turns in our cooperation going forward, as long as you have confidence, the overall direction of China-US business cooperation will not change," he said. "Cooperation is the only right choice for our two countries."