1st Meeting Of China-US Economic, Trade Consultation Mechanism Opens In London, Attracting Global Attention
WORLD
U.S. Treasury Secretary Scott Bessent and Chinese vice premier He Lifeng pose for a photo with U.S. Trade Representative Jamieson Greer, U.S. Secretary of Commerce Howard Lutnick, Chinese Commerce Minister Wang Wentao, and China's International Trade Representative and Vice Minister of Commerce Li Chenggang, in London, Britain June 9, 2025. United States Treasury/Handout via REUTERS
LONDON, June 10 (Bernama-Xinhua) -- The first meeting of the China-US economic and trade consultation mechanism opened here on Monday, attracting global attention.
Chinese Vice Premier He Lifeng, also a member of the Political Bureau of the Communist Party of China Central Committee, attended the meeting with US representatives, Xinhua news agency reported.
Business leaders welcomed the meeting, expecting win-win outcomes.
"Only through mutual respect can we achieve win-win cooperation," said Yang Ming, CEO of Westwell Holdings (Hong Kong) Ltd, a Chinese artificial intelligence (AI) technology company.
Attend the ongoing London Tech Week events, Yang said she wished to see normalised economic and trade relations restored between the two nations, calling on both governments to strengthen collaboration in AI and join forces to create new frontiers in global innovation.
OBE Chief Executive Officer at London & Partners Laura Citron told Xinhua that stable trade relationships between the biggest economies in the world would always be a good thing for the global economy, adding that London as a city is a very outward-facing trading economy.
"We're very keen to see strong and predictable trade relationships between the U.S. and China," she said.
-- BERNAMA-XINHUA
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
34 minutes ago
- The Star
PETRONAS ramps up global LNG push to support China's energy transition
A Petronas staff member walks past the PETRONAS logo at the Petronas Twin Towers following the group's financial results announcement on March 13. — AZMAN GHANI/The Star PETRONAS, Malaysia's State-owned energy group, will accelerate the expansion of its global liquefied natural gas (LNG) portfolio to support China's growing energy needs, as the world's second-largest economy deepens efforts to shift toward cleaner fuels and strengthen energy security, said a senior executive. In 2024, PETRONAS exported 8 million metric tons of LNG to China, accounting for about 10 percent of the country's total LNG imports for the year, according to the Kuala Lumpur-headquartered company. In addition to ensuring long-term supply capability from its LNG complex by developing several new gas fields in Malaysia, including Timi, Kasawari and Jerun, PETRONAS will advance additional upstream projects such as the Rosmari and Marjoram fields, aimed at bolstering production capacity and meeting future demand, said Shamsairi Ibrahim, vice-president of PETRONAS' LNG marketing and trading, gas and maritime business. "Internationally, we are broadening our supply network, particularly in North America. A key milestone will be the first LNG cargo from our joint venture in Alberta-based LNG Canada, expected by mid-2025," said Ibrahim. Once operational, the project is expected to add 14 million metric tons per annum to PETRONAS' global LNG portfolio, significantly strengthening its export capacity and diversifying its supply base. To better serve Chinese clients and address global LNG demand in a more sustainable way, the company is also enhancing its delivery capabilities. This includes deploying three new LNG vessels to improve shipments to Shenergy Group's Wuhaogou terminal in Shanghai and to supply inland cities along the Yangtze River via creative pipeline systems. PETRONAS' efforts are further supported by its partnership with Tiger Gas, a Shanghai-based company with multiple investments in Malaysia, including LNG filling facilities in Bintulu. The collaboration enhances cross-border LNG infrastructure and reinforces shared commitments to clean energy development. One of the key outcomes of this collaboration is the development of a specially designed LNG vessel capable of carrying around 600 containers. Unlike conventional LNG carriers that require deep-water ports, this vessel can navigate directly into the Yangtze River, expanding LNG accessibility across China's non-coastal regions. Apart from LNG, the Malaysian energy group also supplies petrochemicals, crude oil and lubricants to the Chinese market. It is advancing marine LNG solutions such as bunkering services and expanding its LNG fleet with new LNG carriers. Four of these vessels are currently under construction at Hudong-Zhonghua Shipbuilding (Group) Co Ltd, a major shipyard based in Shanghai. Ibrahim noted that geopolitical uncertainties and rising energy security concerns have prompted many countries, including China, to prioritize domestic energy sources. This trend has introduced greater caution around long-term LNG contracts and tempered appetite for new import commitments, creating a more complex and unpredictable global LNG market. "Despite these challenges, PETRONAS remains confident in the value of its differentiated LNG and clean energy portfolio," he said, stressing that the company believes its continued commitment to providing reliable, sustainable energy solutions aligns well with China's long-term energy transition strategy. - China Daily/ANN
The Star
34 minutes ago
- The Star
Research houses maintain 4.0% GDP growth forecast for 2025
KUALA LUMPUR: CIMB Securities Sdn Bhd is maintaining its 2025 gross domestic product (GDP) forecast for Malaysia at 4.0 per cent and believes that Bank Negara Malaysia (BNM) may reduce the overnight policy rate (OPR) in the third quarter of 2025 (3Q 2025). In a note today, the firm said that even with near-term support from export front-loading, Malaysia's growth outlook remains clouded by persistent global trade uncertainties and uneven domestic recovery. "Capital goods imports surged by 37.7 per cent in the first four months of 2025 (4M 2025), but sustainability beyond the 90-day US tariff pause remains uncertain. "Domestically, private consumption moderated to 5.0 per cent in 1Q 2025 (4Q 2024: 5.3 per cent) despite fiscal support such as cash transfers and subsidies, while early signs of weakening emerged in financial services, information and communication technology, and automotive sales,' it said. For now, CIMB Securities is maintaining its 2025 GDP growth projection of 4.0 per cent, lower than the government's projection of 4.5-5.5 per cent. "Nonetheless, trade de-escalation and encouraging early-stage bilateral trade talks with the United States (US) may offer upside potential to the economic outlook. "A slower growth outlook and benign inflation (4M 2025: 1.5 per cent year-on-year) will allow BNM room to cut the OPR to 2.75 per cent in 3Q 2025,' it added. Hong Leong Investment Bank Bhd is also retaining its 2025 GDP growth forecast at 4.0 per cent. "As for Malaysia's negotiation with the US, with less than a month remaining in the 90-day negotiation window and no concrete bilateral agreements finalised, downside risks persist,' it said in a separate note. Nonetheless, recent progress in US-China trade talks held in London offers some optimism. "Officials agreed on a preliminary framework to implement the Geneva trade consensus, which indicates that the US administration may be exploring the possibility of a more favourable deal, rather than pursuing immediate economic decoupling. "However, the outlook remains uncertain, and any lasting improvement in trade relations will depend on the successful conclusion of ongoing negotiations,' it added. - Bernama
Malay Mail
an hour ago
- Malay Mail
Asian rally snaps as Trump threatens ‘take it or leave it' levies
HONG KONG, June 12 — Asian shares were rattled today after Donald Trump said he would impose unilateral tariffs on partners in the next two weeks, reigniting trade war fears soon after reaching a deal with China to dial down tensions between the superpowers. The mood was also shaded by geopolitical concerns after the US president said personnel were being moved from the Middle East as nuclear talks with Iran faltered and fears of a regional conflict grew. The equity losses snapped a recent rally fuelled by talks between Beijing and Washington in London that saw them hammer out a framework agreement to move towards a pact to reduce levies. Investors have been on edge since Trump's 'Liberation Day' tariff blitz on April 2 that sent shockwaves through stock and bond markets and stoked global recession fears. Days later he announced a pause in those measures until July 9 to allow for countries to cut deals with the White House, sparking relief rallies that have pushed some markets towards all-time highs. However, he once again shook confidence by saying yesterday that he intended to send letters telling governments what levies Washington would be imposing. 'We're going to be sending letters out in about a week and a half, two weeks, to countries, telling them what the deal is,' he told reporters. 'At a certain point, we're just going to send letters out. And I think you understand that, saying this is the deal, you can take it or leave it.' While some analysts indicated that previous threats had been rowed back, the comments added to the ongoing uncertainty about Trump's policies, reviving fears about sky-high levies and the impact on the economy. They also came not long after he had flagged the London agreement, and posted on social media that 'President XI and I are going to work closely together to open up China to American Trade', referring to his counterpart Xi Jinping. 'The uncertainty doesn't help,' Nick Twidale at AT Global Markets Australia said. 'And his overall comments overnight have led to more uncertainty for the market rather than the clarity we were hoping for.' Most Asian markets fell today, with Tokyo, Hong Kong, Shanghai, Wellington, Taipei and Jakarta in the red after a broadly healthy run-up this week. There were gains in Sydney, Singapore and Seoul. The weak performance followed losses on Wall Street, where trade worries overshadowed another below-forecast inflation reading that provided fresh speculation the Federal Reserve will cut interest rates. Oil prices slipped but held most of yesterday's surge of between four and five per cent that came after Trump said US personnel were being moved from the potentially 'dangerous' Middle East as Iran nuclear talks stutter. The move came as Tehran threatened to target US military bases in the region if a regional conflict broke out. The US president said the staff were 'being moved out because it could be a dangerous place'. 'We've given notice to move out and we'll see what happens.' With regard to Iran, he then added: 'They can't have a nuclear weapon, very simple. We're not going to allow that.' Trump had until recently expressed optimism about the talks, but said in an interview published yesterday that he was 'less confident'. — AFP
