Full Transcript of China's Press Conference on China-U.S. Economic and Trade Talks

On May 11, the Chinese delegation to the China-U.S. high-level economic and trade talks held a press conference in Geneva, Switzerland, to brief the public on the discussions.

The following transcript is based on publicly available video footage:

Vice Premier He Lifeng:

As China’s lead representative in the China-U.S. high-level economic and trade talks, I held discussions with U.S. Treasury Secretary Bessent and U.S. Trade Representative Ambassador Grier. The two sides had a candid, in-depth, and constructive exchange on economic and trade issues of mutual concern, and reached a series of important consensuses. The talks achieved substantial progress.

Both sides agreed to establish a China-U.S. economic and trade consultation mechanism and designated lead representatives to carry out further dialogue on respective concerns. We will finalize the details soon and jointly issue a Joint Statement on May 12 summarizing the outcomes of the talks.

I would like to take this opportunity to express sincere thanks to the Swiss government for its strong support and warm hospitality as the host of this round of talks. The professionalism and diligence of our American counterparts were also impressive.

The trade war, triggered by the U.S. over the past three months, has drawn global attention. China’s stance has been clear and consistent: we do not want a trade war, because there are no winners in such a conflict. However, if the U.S. insists on imposing a trade war, China will not back down and will respond resolutely to safeguard our interests.

Given the current circumstances, these talks have attracted significant attention from the international community. With joint efforts from both sides, they have been productive and marked an important step toward resolving differences through equal dialogue and negotiation. This has laid the groundwork for further narrowing differences and deepening cooperation.

The world today is undergoing profound changes unseen in a century. The China-U.S. economic and trade relationship is not only vital to both countries, but also plays a crucial role in global economic stability and development.

The essence of the China-U.S. economic and trade relationship is mutual benefit and win-win cooperation. Frictions and differences are inevitable, but the key is to address them based on the principles of mutual respect, peaceful coexistence, and win-win cooperation. We should find proper solutions through equal dialogue to promote a stable bilateral economic and trade relationship.

We are also willing to work with the U.S. side to actively implement the consensus reached by our two presidents during their phone call on January 17 this year. With a pragmatic approach focused on problem-solving, we will engage in candid dialogue, manage differences through consultation, explore cooperation potential, expand areas of collaboration, and work toward a more stable and productive China-U.S. economic and trade relationship, injecting more certainty and stability into the world economy.

Vice Minister of Finance Liao Min:
Let’s now open the floor for questions from journalists. Please state your name and organization before asking.

Xinhua News Agency Reporter:
Vice Premier He, I’m from Xinhua. The White House has stated that a potential deal between China and the U.S. could help address the U.S.’s $1.2 trillion trade deficit. What is China’s view on this?

Vice Premier He Lifeng:
The outcomes of our talks will be detailed in the Joint Statement to be released tomorrow. For more information, you may consult Vice Minister Li Chenggang.

Vice Minister of Commerce Li Chenggang:
Thank you for the question. In our trade negotiations, China always pursues outcomes that are mutually beneficial. Any potential deal must align with China’s own development interests.

CCTV Reporter (China Media Group):
How does China assess the atmosphere of the talks?

Vice Minister Li Chenggang:
As Vice Premier He mentioned, the two-day talks between Chinese and American trade teams in Geneva were candid, in-depth, and constructive, and reached important consensuses. I think this round of talks had three notable features:

1. Mutual Respect:
   Guided by the consensus of our two leaders, both sides took a big-picture approach to China-U.S. economic and trade relations, listened carefully to each other’s concerns, considered national conditions, development stages, and institutional differences, and engaged sincerely, leading to substantive progress.

2. Equality and Reciprocity:
   Both sides considered each other's concerns and development interests, approached talks with a rational, objective, and pragmatic mindset, and actively sought common ground to create conditions for healthy, stable, and sustainable economic and trade relations.

3. Professional and Efficient:
   Both teams brought professionalism and in-depth expertise. Despite the limited time, the discussions were intensive and sincere, laying a solid foundation for reaching consensus.

Bloomberg Reporter:
Minister Li, I have two questions. First, can you share more about the new consultation mechanism established during the talks? Second, regarding the joint statement to be released tomorrow, can you tell us when it will be made public—perhaps before the markets open? (laughter)

Vice Minister Li Chenggang:
As Vice Premier He has already explained, the two sides agreed to set up a structured consultation mechanism. Vice Premier He will serve as China’s lead negotiator, working with the U.S. counterpart to guide the talks. Under their leadership, both teams will hold regular and ad hoc exchanges on relevant issues. Future communication timelines and locations will be decided jointly. And of course, in today’s world, phone and video calls are also effective channels.

As for your second question, based on mutual understanding between the two sides, we are not disclosing too many details today. Regarding the timing of the announcement, as we say in China: “A good meal is worth the wait.” Regardless of when it is released, we believe the world’s reaction will be positive.

Vice Minister of Finance Liao Min:
That concludes today’s press briefing. We will continue to provide timely updates on further developments. Thank you all for your attention.