By WANG KEJU | China Daily | Updated: 2023-09-01 09:55

China and the United States have established multiple communication channels of late, and these have become crucial for institutionalized as well as routine exchanges on economic and trade issues between the two countries, the Ministry of Commerce said.

"These channels will play a significant role in stabilizing China-US economic and trade relations, as well as creating a favorable climate for the business community on both sides to engage in pragmatic cooperation," Commerce Ministry spokeswoman Shu Jueting said at a news conference on Thursday.

Minister of Commerce Wang Wentao and US Commerce Secretary Gina Raimondo agreed to establish multilevel communication channels and improve communication on trade and commerce during their meeting on Monday in Beijing.

The commerce chiefs also agreed to maintain regular communication, and meet at least once a year for timely and direct talks on important issues. Meanwhile, a bilateral working group to seek solutions on specific issues related to commerce, as well as an export control information exchange mechanism, have also been set up.

US companies in China welcome the recent decision to establish communication channels for constructive dialogue, said Colm Rafferty, chairman of the American Chamber of Commerce in China.

The move aims to guide concerns over both routine commerce as well as sensitive export controls, thereby laying the groundwork for mitigating potential conflicts and generating constructive resolutions, Rafferty said in a statement.

The US business community in China is ready to engage with the Chinese and US governments, he added.

Foreign direct investment by US businesses in the Chinese mainland expanded 25.5 percent year-on-year in actual use terms during the first seven months of this year, demonstrating the confidence that US-funded enterprises have in the Chinese market, according to Shu.

"Recently, some foreign-funded enterprises, including US-funded enterprises, have told us that they have been cultivating the Chinese market for decades and are eager to expand their business in China," Shu said. "The biggest risk impeding their investment and operations here is the China-US relationship, which (has) greatly increased uncertainty in their expectations.

"We believe that the best way to 'de-risk' is to follow the common understandings reached by Chinese President Xi Jinping and US President Joe Biden in Bali, Indonesia, last year, which will allow China-US economic and trade relations to return to a sound and stable track of development," Shu said.

The role of bilateral economic and trade ties as the cornerstone of China-US relations should be fully harnessed to anchor business expectations and boost their confidence in trade and investment cooperation, Shu added.

The US and China have a massive and consequential economic relationship, which is good for the world, good for China, and good for America, Raimondo said in Shanghai on Wednesday during talks with US business leaders.

"We want you here investing, growing. There are challenges, I know they exist; stay together with us so that we can work through these challenges," Raimondo said.

Shu said China will continue to welcome businesses from all nations, including those from the US, to invest in the country and share development opportunities, as the nation's door to the outside world will open even wider.