File photo: China US

Chinese Vice Premier He Lifeng on Tuesday held talks via video link with US Treasury Secretary Janet Yellen, with both sides agreeing to maintain communication, manage differences and continue stabilization of China-US economic relations during the political transition period in the US, the Xinhua News Agency reported.

The two lead persons for China-US economic and trade affairs reviewed the experience of China-US economic exchanges and cooperation in recent years and spoke highly of the important role of China-US economic and financial working groups and other dialogue mechanisms in implementing the important consensus reached by the two heads of state, according to Xinhua. 

The Chinese side expressed concern over US economic and trade restrictions on China, in particular clarifying China's position concerning the recent trade investigation initiated by the US side.

The video call was candid, in-depth and constructive, and both sides agreed on the importance of maintaining communication, according to Xinhua.

The significance of this meeting lies in confirming the continuity of the existing dialogue mechanisms between China and the US, He Weiwen, a senior fellow at the Center for China and Globalization, told the Global Times on Tuesday.

He said that it is important for China and the US to maintain dialogue and promote constructive cooperation. "It is hoped that the new US administration will maintain dialogue mechanisms, as managing differences through dialogue and achieving effective communication are crucial," he said, adding that the two sides should transcend differences, find new common ground and bring more benefits for both sides through cooperation.  

Despite tension, China and the US have maintained communication through various mechanisms. For example, from December 15 to 16, 2024, the China-US financial working group held its seventh meeting in Nanjing, capital of East China's Jiangsu Province, the People's Bank of China said in a statement on December 17. 

The two sides had professional, pragmatic, candid and constructive discussions on a range of topics, including macroeconomic and financial situations, monetary policy, financial stability and supervision, and international financial governance, according to the statement.

The communication mechanisms between China and the US have proven to be positive and effective, as they have helped promote candid and constructive dialogue and manage differences, He Weiwen said. 

"Practical actions, including the working groups, have helped promote cooperation in finance, trade, investment and other areas, and enhance people-to-people exchanges between the two countries, all of which are very positive outcomes," said He Weiwen.

Chinese officials have also stressed the importance of dialogue and communication. China has maintained close communication with the team from the US Department of Commerce through the established bilateral communication mechanisms and is also open to engaging with the new US administration's economic and trade team, He Yadong, a spokesperson for China's Ministry of Commerce (MOFCOM), said at a press briefing on December 12.

"We are committed to enhancing dialogue and cooperation with the US based on mutual respect, peaceful coexistence, and win-win collaboration, to effectively manage differences and promote the long-term stability and growth of bilateral economic and trade relations," the MOFCOM spokesperson said.