WASHINGTON - The first China-U.S. Comprehensive Economic Dialogue (CED) saw the world’s two largest economies resolve a number of issues in their trade relationship while agreeing to work together to solve outstanding problems.
China and the United States discussed a one-year action plan for economic cooperation during the dialogue, which concluded on Wednesday, and agreed to cooperate in areas such as finance, trade, investment and global economic governance.
The two sides also agreed to address the trade imbalance between the two countries, highlighting the willingness to expand trade cooperation in services, in civilian high-tech sectors and in agriculture.
Given the difference in size between China and the United States in the services industry, it remains possible for both sides to exploit their own comparative advantages and complement each other, a Chinese delegate said Thursday in a statement, noting that “expanding bilateral trade in services can also promote balanced trading relations between the two sides.” “Despite a huge deficit in services trade with the United States, China nevertheless believed that trade in services between China and the United States is mutually beneficial,” the statement said.(Xinhua)