Delegations from China and the United States held candid, in-depth and constructive consultations on Wednesday on economic and trade issues of mutual concern and ways to deepen practical cooperation, according to information released by the Ministry of Commerce.

Vice-Premier He Lifeng, who is also China's lead person for China-US economic and trade affairs, and US lead person Treasury Secretary Scott Bessent led the talks, which were held in the Republic of Korea.

Guided by the important consensus reached by the two heads of state, China and the US upheld the principle of mutual respect, peaceful coexistence and win-win cooperation.

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Before this round of talks, China and the US had held six bilateral economic and trade consultations since May 2025 in Geneva, London, Stockholm, Madrid, Kuala Lumpur and Paris, making progress in areas such as tariff reduction, supply chain coordination, export controls, market access and mechanisms for continued dialogue.

Market observers said that predictable China-US business ties are critical to supporting global growth, investment confidence and supply chain resilience.

Oliver Oehms, executive director of the German Chamber of Commerce in China-North China, said that stable China-US relations would help strengthen the resilience of global industrial and supply chains, while greater stability, reliability and predictability would help boost consumption globally.

Zheng Yongnian, dean of the School of Public Policy at The Chinese University of Hong Kong (Shenzhen), said that China-US economic ties are much more than just a bilateral issue, as they are central to the stability of global supply chains and the smooth functioning of the world economy.

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China and the US retain distinct comparative advantages, Zheng noted. He said that China's strengths lie in the commercialization of applied technologies, the real economy, manufacturing scale and robust demand for agricultural products, as well as energy and software sectors, while the US remains strong in fundamental research, financial and producer services, software development, and agricultural and energy output.

"These economic structures are highly complementary," Zheng said, adding that closer integration between the world's two largest economies would generate broad positive spillovers for global growth.

Contact the writers at zhongnan@chinadaily.com.cn