Imports from the US have progressed in recent months, yet joint efforts from firms on both sides are still needed for the phase one trade agreement to overcome the difficulties of the COVID-19 pandemic, said a Chinese official.
Ning Jizhe, deputy head of China’s National Development and Reform Commission (NDRC), the country’s economic planner, recently participated in a video call with US-China Business Council President Craig Allen and representatives of US member firms. During the call, Ning said China has done a lot of work to promote the implementation and expansion of the phase one trade deal with the US since its signature, and positive progress has been made in expanding imports from the US, according to the NDRC website.
The import speed of certain goods and services from the US has slowed due to the COVID-19 pandemic, low market supply and demand, and US export controls on some goods, Ning said, while expressing his hope that firms on both sides will work together to overcome difficulties and further expand cooperation.
China’s trade with the US plunged in contrast to the overall upbeat trend in China’s foreign trade in the first half of this year. Bilateral trade dropped 6.6 percent compared to the same period last year. China’s exports to the US plummeted 8.1 percent to 1.25 trillion yuan ($178.68 billion), and imports from the US were down 1.5 percent to 395.62 billion yuan in June, according to the General Administration of Customs (GAC).
After a 22-month trade deadlock and a series of strenuous negotiations, China and the US signed the phase one trade agreement in Washington in January this year, with China agreeing to purchase an additional $200 billion of US goods over the 2017 level by the end of 2021.
A combine and a grain cart work in a soybean field of Pellett family’s farm in Atlantic, a small city in Iowa, the United States, Oct. 16, 2019.Photo:Xinhua
