Xinhua Commentary: Joint efforts needed to ensure stable, sustainable China

Containers of China COSCO Shipping Corporation Limited are 廉江新闻网数字报seen at the Port of Long Beach in Los Angeles County, the United States, Feb. 27, 2019. (Xinhua/Li Ying)

BEIJING, March 15 (Xinhua) -- Against the backdrop of a fragile global recovery and increasing uncertainties, the upcoming China-U.S. economic and trade talks in Paris carry added significance, with the world expecting the two sides to move toward each other and help bring greater stability to global trade and growth.

Since last year, the commitment by the two heads of state and their sound interactions have provided an important strategic guarantee for the proper development of China-U.S. relations.

The two sides have already held five rounds of economic and trade talks, achieving a series of positive outcomes. This shows that keeping the China-U.S. relationship moving forward on a steady course requires firm strategic guidance from the two heads of state, full implementation of their important consensus, and an unwavering commitment to mutual respect, peaceful coexistence and win-win cooperation.

During the most recent talks in Kuala Lumpur, the two sides reached a series of consensuses on issues including the U.S. Section 301 measures on China's maritime, logistics and shipbuilding sectors, an extension of the suspension of reciprocal tariffs, fentanyl-related tariff and counternarcotics cooperation, expanding trade, and export controls.

Following the meeting, the two sides have maintained close communication at various levels, exchanging views in a timely manner on implementing the consensuses reached by the two heads of state at their Busan meeting, advancing the outcomes of the Kuala Lumpur economic and trade talks, and addressing each other's economic and trade concerns.

However, structural and deep-seated differences that have built up in China-U.S. economic and trade relations over the years cannot be resolved overnight. New developments have emerged this year. In February, the Trump administration announced additional tariffs on goods from all countries and regions.

In addition, Washington launched further Section 301 investigations, citing "excess capacity and production in manufacturing sectors" and the "failure to impose and effectively enforce a ban on the importation of goods produced with forced labor." These investigations targeted 16 and 60 economies, respectively, including China, once again increasing uncertainty in global trade.

China is closely monitoring these developments and will conduct a comprehensive assessment of the relevant U.S. measures. China reserves the right to take all necessary steps to firmly safeguard its legitimate rights and interests.

Whether the upcoming talks can achieve progress will largely depend on the U.S. side. Washington needs to approach the negotiations with a rational and pragmatic mindset and act in line with the principles that underpin stable China-U.S. economic relations.

The new round of talks is both an opportunity and a test. By focusing on long-term cooperation and mutual respect, the two sides can narrow their differences, expand cooperation, and deliver progress that benefits both countries and the global economy.

At a time of growing uncertainty, meaningful progress in China-U.S. economic cooperation would not only benefit the two countries, but also provide the stability and confidence the global economy urgently needs.