During his attendance at the World Economic Forum Annual Meeting in Davos, Switzerland, Chinese Vice Premier He Lifeng met with US Treasury Secretary Bessent. The two sides exchanged views on China-US economic and trade issues, and discussed concrete cooperation matters, including soybean procurement. US Trade Representative Greer stated after the meeting between Bessent and He Lifeng that a new round of China-US trade negotiations may take place before US President Trump visits China in April.
He Lifeng spoke about China-US economic and trade relations at the forum, emphasizing that the two economies are highly complementary and can fully achieve mutual success rather than confrontation. He pointed out that past experience from China-US economic and trade consultations has shown that as long as dialogue is conducted on the basis of equality and with mutual efforts, solutions to problems often outnumber the difficulties themselves.
He stated that China has always regarded all countries as trade partners rather than rivals, and that China’s development is an opportunity, not a threat, for the global economy. Regarding the differences and misunderstandings that arise in international economic and trade cooperation, China advocates for enhancing mutual trust through equal consultation, gradually bridging differences, and promoting the proper resolution of problems.
He Lifeng also criticized tariff wars and trade wars for undermining the effective allocation of global resources. Under the trend of framing trade as a matter of national security, such measures have a negative impact on global economic stability. “Many times, China wants to buy, but the other party doesn’t want to sell,” he reiterated, stressing that China firmly upholds multilateralism, supports a rules-based international economic and trade system, and actively advocates inclusive economic globalization.
Speaking about China’s own development, he pointed out that China’s economic achievements are mainly attributable to reform, opening up, and market vitality rather than reliance on government subsidies. Although there are certain risks and challenges facing the current stage of economic development, China is confident in its ability to cope, and will leverage its ultra-large scale market advantages, consolidate its status as a major manufacturing power, accelerate its transition toward a consumption-driven economy, continue to expand its opening up, and inject impetus into global economic growth.
● Bessent: China Fulfills Promise to Purchase US Soybeans
At a panel discussion in Davos on Tuesday, Bessent mentioned that she met with He Lifeng on Monday, praising China for not only fulfilling its commitment to purchase US soybeans but also for delivering about 90% of rare earth magnets to the US, a satisfactory situation. Bessent said: “I met with Chinese Vice Premier He Lifeng last night. He told me the soybean purchasing will be completed this week. We look forward to China purchasing another 2,500 tons in the coming year. I suggested he consider buying even more, since President Trump often discusses this issue with President Xi Jinping.”
● To Be Held Before Trump’s Visit to China in April
US Trade Representative Greer indicated that a new round of China-US trade talks may take place before President Trump visits China in April, attempting to reach some further agreements on non-sensitive trade matters between the two sides. He stated that the negotiations should avoid some highly sensitive topics, such as technological competition and China’s provision of rare earth magnets that are crucial to the global industrial supply chain.
Greer also said that talks should not get bogged down in highly sensitive topics involving export controls, investment, high technology, and national security, but should instead focus on basic goods and services.