The spokesman of the Ministry of Commerce answered reporters' questions on the joint arrangements of Sino-US Kuala Lumpur Economic and Trade Consultations
Q: It is understood that China and the United States have reached joint arrangements to solve the economic and trade issues of concern in the economic and trade consultation in Kuala Lumpur. May I ask if the Ministry of Commerce can introduce more information about the consensus of the Kuala Lumpur Economic and Trade Consultation?
Answer: The leaders of China and the United States have just held a meeting in Busan, South Korea, to discuss issues such as Sino-US economic and trade relations in depth, and agreed to strengthen economic and trade cooperation in other fields. China is willing to work with the United States to jointly maintain and implement the important consensus of the meeting between the two heads of state.
The consensus reached by the Sino-US economic and trade team through consultation in Kuala Lumpur mainly include the following aspects:
I. The United States will cancel the so-called "fentanyl tariff of 10% imposed on Chinese goods (including Hong Kong Special Administrative Region and Macao Special Administrative Region commodities), and the 24% equivalent tariff imposed on Chinese goods (including Hong Kong Special Administrative Region and Macao Special Administrative Region commodities) will continue to be suspended for one year. China will adjust the countermeasures against the above tariffs of the United States accordingly. The two sides agreed to continue to extend some tariff exclusion measures.
II. The United States will suspend the implementation of the 50% penetration rule of export control announced on September 29 for one year. China will suspend the implementation of the relevant export control and other measures announced on October 9 for one year, and will study and refine specific plans.
III. The United States will suspend the implementation of its 301 investigation measures against China's maritime, logistics and shipbuilding for one year. After the United States suspends the implementation of relevant measures, China will also suspend the implementation of countermeasures against the United States for one year.
In addition, the two sides also reached a consensus on fentanyl anti-drug cooperation, expansion of agricultural trade, and case handling of related enterprises. The two sides further confirmed the results of Madrid's economic and trade consultations. The United States has made positive commitments in investment and other fields. China will properly resolve TikTok-related issues with the United States.
The positive results of the Sino-US Kuala Lumpur Economic and Trade Consultation fully prove that the two sides adhere to the spirit of equality, respect and reciprocity and can find solutions to problems through dialogue and cooperation. The results of economic and trade consultations are not easy to come by. China looks forward to working with the United States to do a good job in implementation and inject more certainty and stability into Sino-US economic and trade cooperation and the world economy.
