China US Photo:VCG

 
A senior Chinese commerce official said on Tuesday that China welcomes US and other foreign dairy companies to explore the vast Chinese market and share development dividends during a meeting with US dairy industry representatives.

Wang Shouwen, vice commerce minister and China international trade representative, met with Krysta Harden, president and CEO of the US Dairy Export Council (USDEC), and they exchanged views on China-US economic and trade relations, cooperation in dairy and other agricultural products, and other issues, the Ministry of Commerce (MOFCOM) said in a statement.

Wang noted that China and the US are each other's important trading partners, and the US is China's second-largest source of dairy imports. Dairy trade has become an important example of mutual benefit and win-win results in bilateral trade, he said.

"Currently, China is promoting Chinese modernization with high-quality development. The dairy product consumer market has huge potential, providing broad space for global dairy companies," Wang said. "China welcomes companies from all over the world, including US dairy companies, to delve into the Chinese market, carry out investment and trade, and share the dividends of development."

Harden said that US dairy companies attach great importance to the Chinese market and hope to establish long-term cooperative relationships with Chinese partners, adding that the USDEC will continue to build bridges between the industries of the two countries to promote trade, investment, and technological cooperation, according to the MOFCOM statement.

While US dairy exports to China have been declining, China remains one of the most important markets for US dairy producers. China accounts for roughly 20 percent of all US dairy exports and nearly half of all US dry whey exports, according to an article posted by the US National Milk Producers Federation.

Notably, the meeting with US dairy industry representatives on Tuesday came as Chinese domestic industries plan to apply for an anti-subsidy investigation into certain dairy products from the EU amid deteriorating trade tensions due to the European Commission's investigation into and subsequent additional tariffs on Chinese electric vehicles.

The Global Times has also learned from a business insider that relevant Chinese industries are preparing evidence, as they plan to apply to competent authorities to launch an anti-subsidy investigation into imports of certain dairy products from the EU.