On May 10–11, 2025, local time, He Lifeng, Vice Premier of the State Council of China and the Chinese lead for economic and trade affairs, and Janet Yellen, U.S. Secretary of the Treasury, and Katherine Tai, U.S. Trade Representative, the U.S. leads, held high-level economic and trade consultations in Geneva, Switzerland.

The two sides conducted candid, in-depth, and constructive discussions on implementing the important consensus reached during the January 17 phone call between the Chinese and U.S. presidents. Vice Premier He Lifeng emphasized that China and the United States share extensive common interests and broad cooperation potential. While the economic and trade relationship between the two countries is mutually beneficial in nature, it is normal to encounter differences and frictions given their differing development stages and economic systems. The key lies in adhering to the important consensus of the two heads of state, following the principles of mutual respect, peaceful coexistence, and win-win cooperation, and resolving issues through equal-footed dialogue and consultation.

​Key Outcomes of the Talks

1.​Establishment of an Economic and Trade Consultation Mechanism

The two sides agreed to set up a mechanism for economic and trade consultations to maintain communication on respective concerns. Details will be finalized soon, with a joint statement to be issued on May 12.

2.​Advancing a New Framework for Economic and Trade Relations (Three Pillars):

• Establishing a joint working group on digital economy standards;
• Restarting the agricultural trade technical consultation mechanism;
• Improving the cross-border audit supervision cooperation platform.

This framework includes both short-term trade facilitation measures and long-term structural reforms.

3.​Practical Progress Across Multiple Areas:

• ​Financial Information Services Market Opening

Both sides agreed to open their financial information services markets, with an estimated scale of $80 billion.

• ​Mutual Recognition of Standards for New Energy Products

A mechanism was established to recognize standards for key sectors such as photovoltaic components and electric vehicles.

• ​Restart of “Fast-Track” Science and Technology Cooperation

Joint research resumed in six areas, including climate change and public health. According to the Peterson Institute for International Economics, these measures could unlock at least ​$1.2 trillion in market potential.

4.​Other Key Agreements:

• ​Bilateral Investment Cooperation:

The two sides discussed expanding investment ties. China expressed willingness to further open its market and provide U.S. firms with fair competition opportunities, while the U.S. pledged to promote high-tech collaboration between businesses of both countries.

• ​Expression of Cooperative Intentions:

• • China reaffirmed its commitment to the principles of “mutual respect and win-win cooperation,” emphasized full implementation of the two presidents’ consensus, and sought to manage differences through institutionalized dialogue. A key understanding was reached on “competition boundaries,” with artificial intelligence and biotechnology included in the cooperation list.
  • The U.S. expressed hope to improve economic relations through this dialogue and reiterated its position of not seeking “decoupling” from China.

This high-level meeting marks a significant interaction between China and the U.S. since trade tensions began in 2018, reflecting both sides’ willingness to strengthen communication and cooperation in the economic sphere. The substantive progress achieved not only sets a new direction for bilateral economic and trade relations but also injects a critical stabilizing factor into global economic recovery. It represents an important step toward resolving differences through equal-footed dialogue and consultation, laying the foundation for further bridging gaps and deepening cooperation.