Hu Lipeng of China: "Conditions Set for Trade Cooperation with US... Will Further Expand Openness"

US and Chinese Vice Foreign Ministers Hold Talks
"Let's Keep Communication Channels Open"

Hu Lipeng, Vice Premier of the State Council of China, recently stated that progress in the US-China trade negotiations has enabled the two countries to continue their economic and trade cooperation. He also announced that China will further expand its openness to the outside world.

According to China's state-run Xinhua News Agency on May 23, Vice Premier Hu made these remarks during a meeting with Jamie Dimon, CEO of JP Morgan Chase, the largest bank in the United States, at the Diaoyutai State Guesthouse in Beijing the previous day.

Jamie Dimon, CEO of JP Morgan Chase (left), and Hu Lipeng, Vice Premier of the State Council of China. Photo by Xinhua News Agency

Vice Premier Hu said, "Recent economic and trade talks between China and the United States have made substantial progress, creating conditions for the two countries to continue their cooperation." He went on to say, "We welcome American companies, including the JP Morgan Group, to continue mutually beneficial cooperation with China and to keep supporting the healthy and stable development of China-US economic and trade relations." He emphasized, "China will further expand its high-level openness to the outside world."

CEO Dimon also gave a positive assessment of the outcomes of the US-China economic and trade talks, stating, "We will better support multinational companies entering China, as well as the overseas expansion of Chinese companies."

Earlier this year, after President Trump returned to the White House in January, he triggered a tariff war targeting China as a major opponent. The US and China exchanged tariff hikes exceeding 100% against each other. However, during negotiations held in Geneva, Switzerland on May 10 and 11, both sides agreed to lower their tariff rates by 115 percentage points each.

The US Department of State and the Chinese Ministry of Foreign Affairs also announced on May 22 (US time) that senior officials from both countries held a phone consultation. The US State Department stated that Deputy Secretary Christopher Landau and Chinese Vice Foreign Minister Ma Zhaoxu acknowledged the importance of US-China relations for both nations and the world, and discussed a wide range of mutual interests during their call. In a statement on May 23, the Chinese Ministry of Foreign Affairs reported that Vice Minister Mao and Deputy Secretary Landau exchanged views on China-US relations and shared concerns, and agreed to maintain ongoing communication.