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China, US agree to de-escalate trade tensions

2025-05-13 18:04   China Daily

  Ying Pinguang, dean of Shanghai University of International Business and Economics' School of Global Governance, said, “China and its exporters will closely watch US actions in the next phase, particularly whether it delivers on concrete steps regarding key issues such as tariffs and export controls.“

  During a meeting on Sunday with World Trade Organization Director-General Ngozi Okonjo-Iweala in Geneva, Vice-Premier He Lifeng stressed that all parties should resolve differences and disputes through equal dialogue under the framework of the WTO, jointly safeguard multilateralism and free-trade, and promote the stability of global industrial and supply chains.

  Chinese stocks closed higher on Monday, with the benchmark Shanghai Composite Index rising 0.82 percent to 3,369.24 points, while the Shenzhen Component Index gained 1.72 percent to close at 10,301.16 points.

  Noting that the trade tensions between China and the US have caused a profound impact on the global economic order, Willie Tan, CEO of China, South Korea and Southeast Asia at Skechers, a US-based athleisure company, said the advantages of China-US cooperation significantly outweigh any disadvantages.

  Tan said that the group achieved record global sales revenue of $8.97 billion in 2024, with China standing out as its largest overseas market. As a key growth engine, the Chinese market will play a pivotal role in supporting the company's goal of reaching $10 billion in global sales by 2026.

  Liu Zhihuacontributed to this story.

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