SWITZERLAND – Chinese Vice Premier He Lifeng stated that the high-level meeting between China and the United States on economic and trade affairs was in-depth, open, and constructive.

He Lifeng, who serves as China’s lead official on US-China economic and trade matters, made the statement during a press conference following the high-level talks with the United States on Sunday (12 May).

According to China Focus, the senior Chinese official said that both sides had reached a series of major agreements. He also noted that China and the United States had agreed to establish a mechanism for economic and trade consultations.

According to He Lifeng, China and the US will soon finalise the relevant details and will release a joint statement on the outcomes of the talks on Monday.

US Treasury Secretary Scott Bessent echoed this sentiment. “I’m pleased to report that we have made significant progress between the United States and China in these crucial trade discussions,” Bessent said in a statement regarding the agreement, delivered alongside US Trade Representative Jamieson Greer.

Both officials spoke to the press outside the residence of the Swiss Ambassador to the United Nations.

They announced the easing of trade tensions at the conclusion of the talks in Geneva, Switzerland, on Sunday.

“As the Secretary has said, these have been two very constructive days,” Greer remarked.

“It’s important to recognise how quickly we reached an agreement, which suggests that perhaps the differences between the two sides weren’t as wide as initially thought.”

“Nonetheless, there was a great deal of preparation that laid the groundwork for these two days,” he added.

Bessent noted that he had spoken with President Trump and that a full briefing would be given on Monday (12 May). He Lifeng pointed out that, given the current situation, the meeting had attracted significant attention from the international community.

The economic and trade relationship between China and the United States, he said, is not only vital for both countries, but also has a major impact on global economic stability and development. (DK/LM)