[The head of the Department of U.S. and Oceania of the Ministry of Commerce interprets the results of the eighth round of Sino-US economic and trade consultations] From September 20 to 23, the Sino-US economic and trade teams held economic and trade consultations in New York and Washington, the United States, and achieved positive consensus, contributing to the results of the economic and trade field for the meeting between the two heads of state. The person in charge of the Department of United States and Oceania of the Ministry of Commerce interpreted the results of relevant economic and trade consultations. 1. About the Trade Council After consultations, China and the United States agreed to establish the China-US Trade Council under the China-US Economic and Trade Consultation Mechanism, with the main task of optimizing bilateral trade. The economic and trade teams of both sides have reached consensus on the tasks, structure, responsibilities, consultation arrangements, etc. of the Council, which will be announced later. The Trade Council will first discuss the "30 billion to 30 billion" reciprocal tax reduction framework with a view to reaching a consensus. An agricultural working group has been established under the Trade Council and other arrangements to optimize bilateral trade will also be considered. It is believed that the Trade Council will provide an important platform and institutional guarantee for China and the United States to continuously expand the list of cooperation and shorten the list of issues in the economic and trade field, and promote the sustained, stable and positive development of China-U.S. economic and trade relations. 2. Regarding the “30 billion versus 30 billion” reciprocal tax reduction arrangement In order to implement the important consensus reached at the meeting between the two heads of state, China and the United States held multiple rounds of consultations under the framework of the Trade Council on a reciprocal tax reduction arrangement of US$30 billion based on mutual respect and equal consultation, and have now reached a consensus. The two sides agreed to reduce tariffs on approximately US$30 billion of products imported from each other in a reciprocal manner, of which the tariffs on approximately 90% of each other's products will be reduced to the most-favored-nation rate. Both parties will implement tax reduction arrangements simultaneously after completing relevant procedures in accordance with their respective domestic laws. Relevant information on the reciprocal tax reduction arrangement will be announced later. This arrangement will help continue to stabilize Sino-US economic and trade relations and create better conditions for the export of China's related products to the United States. 3. Regarding expanding coal trade The economic and trade teams of China and the United States have reached a consensus that China's coal import tariffs from the United States will be included in the "30 billion to 30 billion" reciprocal tax reduction framework, which will benefit China's annual coal imports from the United States in 2027 and 2028. Importing American coal is not only a useful supplement to China's domestic coal market, but will also bring stable economic income and employment to the American coal industry, which is conducive to stabilizing and expanding Sino-US bilateral trade. It is expected that with the joint efforts of both parties, Sino-US cooperation in the coal field will continue to deepen and achieve mutual benefit and win-win results. 4. About the China-U.S. Investment Council After consultations, China and the United States agreed to establish the China-US Investment Council under the China-US Economic and Trade Consultation Mechanism. The Council will build an institutionalized communication platform for both parties. The economic and trade teams of both sides will conduct regular dialogues around potential investment opportunities and investment obstacles. On the premise of complying with the respective legal and regulatory requirements of the two countries, they will enhance policy transparency and predictability and respond to the legitimate concerns of enterprises. 5. About the Agricultural Working Group In May this year, the economic and trade teams of China and the United States reached a series of positive consensuses on promoting the resolution of non-tariff barriers and market access issues for some agricultural products from both sides, and agreed in principle to include relevant products in the "30 billion to 30 billion" reciprocal tax reduction framework. Afterwards, the economic and trade teams of both sides conducted professional and practical consultations on agricultural issues. In this context, the two sides agreed to establish an agricultural working group under the China-US Business Council, jointly led by the Chinese Ministry of Commerce and the Office of the United States Trade Representative, with the participation of relevant regulatory agencies of the two countries. The working group will discuss issues such as two-way market access and supervision of agricultural products. Both sides agreed to hold the first meeting of the working group before the end of 2026. China will continue to push the United States to resolve China's agricultural concerns through working group meetings. 6. About financial services In recent years, China has independently expanded the opening up of financial services, which has been recognized by the international community, and many US-funded institutions have also benefited from it. This time the two parties reached a principled consensus in the field of financial services. China will review and approve the applications of financial service institutions from various countries, including those from the United States, to operate and establish branches in China in accordance with laws and regulations. China hopes that the United States will also provide a fair, transparent, and stable policy environment for Chinese financial institutions. 7. About the China-US Artificial Intelligence Dialogue In this round of consultations, the two sides agreed that under the China-US economic and trade consultation mechanism, Vice Premier He Lifeng and Finance Minister Bessent would serve as the respective leaders of China and the United States to establish an artificial intelligence dialogue and conduct the first dialogue to exchange risks and benefits related to artificial intelligence. The two sides agreed to hold the next dialogue before the end of November this year. Both parties agreed to establish communication channels for artificial intelligence events. 8. Regarding the extension of the Kuala Lumpur Economic and Trade Consultation Joint Arrangement In October 2025, China and the United States reached a joint arrangement in Kuala Lumpur to resolve economic and trade issues of mutual concern, suspending the implementation of some of their respective tariff and non-tariff measures until November 10, 2026. In this economic and trade consultation, China and the United States agreed to continue to actively discuss this matter on the basis of extending the Kuala Lumpur Joint Arrangement for Economic and Trade Consultation to January 10, 2027, with the aim of reaching a mutually agreed solution. On the one hand, this arrangement provides space for both parties to take stock and evaluate the implementation of the joint arrangement, and to think about how to promote Sino-US economic and trade relations in the next step. On the other hand, through a combination of a certain period of extension and continued active discussions, it provides a relatively stable and predictable policy environment for the cooperation between the enterprises of both parties. It is believed that both parties will continue to work hard and find a positive solution to the extension through high-level economic and trade interactions before the end of the year. 9. Regarding increasing direct flights between China and the United States Passenger flights between the two countries play an important role in promoting personnel exchanges, cultural exchanges and economic and trade cooperation between the two countries. During this consultation, China and the United States exchanged views on increasing direct passenger flights. Both parties agreed to maintain communication on increasing flights between China and the United States and related matters. 10. Regarding the implementation of consensus reached during previous consultations Since last year, the two sides have held eight rounds of economic and trade consultations. Focusing on promoting bilateral trade and investment and other important economic and trade issues of common interest, the two sides have reached a series of mutually beneficial, balanced and positive economic and trade results, maintaining the overall stability of the economic and trade relations between the two countries. During this consultation, China and the United States reaffirmed and recommitted to continue to implement the consensus reached in previous economic and trade consultations. This will create favorable conditions and a stable environment for economic and trade cooperation between the two countries, and is also of great significance to promoting global economic development.