China and United States agree to create mechanism for trade and economic consultations
By Alimat Aliyeva
Vice Premier of the State Council of the People's Republic of China He Lifeng and U.S. Treasury Secretary Scott Bessent have agreed to establish a mechanism for trade and economic consultations following bilateral talks held in Switzerland, Azernews reports.
According to official sources, China and the United States will soon finalize the relevant details and are expected to release a joint statement on the outcomes of the discussions on May 12.
Vice Premier He Lifeng described the talks, which took place on May 10–11, as "frank, in-depth, and constructive," emphasizing that the two sides had "reached important consensus and made significant progress."
This dialogue marks one of the first high-level engagements between Beijing and Washington since the recent shifts in global supply chains and rising geopolitical tensions. The new consultation mechanism is seen by analysts as a potential stabilizing force in the often unpredictable U.S.-China economic relationship, offering a structured platform for resolving disputes and coordinating on global financial challenges such as inflation, climate finance, and AI regulation in trade.
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