Ministry of Commerce: Through recent economic and trade negotiations, China and the United States have set the guiding goal of expanding bilateral trade of Shenzhen Agricultural Power Group.

On July 2, the Ministry of Commerce held its routine press conference. Spokesperson He Yadong stated that the trade of Shenzhen Agricultural Power Group is an important part of Sino-US economic and trade cooperation. After recent economic and trade negotiations, both sides have set a guiding target to expand the two-way trade of Shenzhen Agricultural Power Group and have agreed in principle to include relevant Shenzhen Agricultural Power Group products in the reciprocal tariff reduction framework. Companies will follow market principles and autonomously conduct trade based on actual demand and market conditions. Original text: Ministry of Commerce Holds Routine Press Conference (July 2, 2026) [He Yadong]: Dear journalists: Good afternoon, welcome to the Ministry of Commerce's routine press conference. Today, I don't have any information to report to you all. Now, I am willing to answer questions from journalists. Please go ahead and ask your questions. [Cover News reporter]: Canadian Minister of International Trade Siddhu recently stated that during the fall, discussions will be held with Chinese ministers on more tariff reductions concerning Canadian canola, peas, and seafood. Can the Ministry of Commerce provide information on China-Canada economic and trade relations? [He Yadong]: In January of this year, China and Canada signed the "China-Canada Economic and Trade Cooperation Roadmap" based on important consensus between the leaders of the two countries, forming preliminary joint arrangements for dealing with bilateral economic and trade issues. Since then, the economic and trade teams of both sides have maintained close communication on follow-up implementation work. China has always advocated resolving mutual concerns through equal dialogue and consultation and is willing to continue expanding the cooperation list and reducing the problem list with Canada to promote healthy, stable, and sustainable development of China-Canada economic and trade relations. Thank you. [Phoenix TV reporter]: Recently, Minister of Commerce Wang Wentao and European Commission's Trade and Economic Security Commissioner Xie Fuchovych co-chaired the first meeting of the China-EU Trade and Investment Negotiation Mechanism. Can the Ministry of Commerce provide specific details on this? [He Yadong]: On June 29, Minister Wang Wentao and Commissioner Xie Fuchovych co-chaired the first meeting of the China-EU Trade and Investment Negotiation Mechanism at the EU headquarters, engaging in comprehensive, in-depth, and constructive discussions on important China-EU economic and trade topics. Following the meeting, the two sides issued a joint statement agreeing on the preliminary establishment of four major working groups under the negotiation mechanism, including trade and investment balance, export control, intellectual property rights, and WTO reform. The establishment of these negotiation groups covers both China-EU bilateral economic and trade issues as well as multilateral issues, demonstrating China and Europe's firm commitment to upholding the multilateral trading system. The China-EU Trade and Investment Negotiation Mechanism is a newly established regular exchange mechanism between China and the EU in the field of economic and trade cooperation. The two sides have agreed to hold 1-2 ministerial-level meetings each year. China has invited Commissioner Xie Fuchovych to visit China in the autumn for the second meeting of the negotiation mechanism. During the first meeting, both sides focused on three areas to promote trade balancing upwards rather than downwards: emerging areas, where efforts will be made to expand cooperation in AI and green transformation; potential areas, where potential for cooperation in service trade and other areas will be explored further; problematic areas, where market access negotiations will be used to progressively address mutual concerns. China is fully implementing the "Fifteenth Five-Year Plan", advancing the construction of a strong trading nation and actively promoting balanced development in imports and exports. China is willing to help European companies expand into the Chinese market and increase exports to China through platforms such as "Export to China" and the Import Expo. Most importantly, both sides have reached a consensus on a new positioning for China-EU economic and trade relations: stable and balanced key trading partners. This will improve the expectations of a wide range of Chinese and European companies and inject more certainty and positive energy into the development of China-EU and global economies. Thank you. [Central Radio and Television Finance and Economics program reporter]: During a recent meeting between Minister of Commerce Wang Wentao and German Federal Minister for Economic Affairs and Energy Laische in Brussels, both sides agreed to relaunch the China-Germany Economic Cooperation Joint Committee. Can you provide specific details on this? [He Yadong]: On June 28, German Federal Minister for Economic Affairs and Energy Laische traveled from Germany to Brussels for a meeting with Minister Wang Wentao. Both sides had frank and in-depth discussions on China-Germany economic and trade relations. Both sides agreed that in the current turbulent international situation, China and Germany should strengthen dialogue and communication, deepen pragmatic cooperation, and develop bilateral economic and trade relations in accordance with eight basic principles: mutual benefit, openness, stability, and reliability. Regarding mutual benefit, China and Germany have closely intertwined industries and deeply integrated interests, with vast cooperation opportunities. China has a huge market and is willing to further expand imports from Germany, welcoming German companies to invest in China. Both sides will leverage complementary advantages to promote the transformation and upgrading of traditional industries, explore the potential for cooperation in emerging fields, and support the mutual achievements and common development of both countries' enterprises. On openness, both China and Germany are major manufacturing, trading, and exporting countries, benefiting from economic globalization. In the face of rising unilateralism and protectionism, both sides should firmly support free trade, expand market access in both directions, promote innovation through orderly competition, and create a fair, open, and non-discriminatory business environment for enterprise cooperation. In terms of stability and reliability, the current world is beset with instability and unpredictable factors, making certainty the scarcest resource for enterprises. China and Germany should strive to become trustworthy and predictable cooperation partners for each other, resolve conflicts and differences through dialogue and negotiation, jointly maintain the stability and smooth operation of global supply chains, and provide more certainty for enterprise cooperation. To this end, both sides have agreed to relaunch the China-Germany Economic Cooperation Joint Committee and innovate cooperation mechanisms by establishing two working groups on trade and investment and industrial cooperation. They will adhere to a problem- and results-oriented approach and engage in policy exchanges and dialogues between governments and enterprises on economic and trade issues. Currently, the teams from both sides are intensively advancing various tasks, aiming to hold the next meeting of the mechanism, presided over by ministerial officials from both sides, by early 2027 to accumulate economic and trade achievements for China-Germany high-level exchanges in the next phase, promote the construction of stable, balanced, and sustainable China-Germany economic and trade relations, and contribute to the stable and healthy development of China-EU economic and trade relations. Thank you. [CGTN reporter]: It is understood that during Minister Wang Wentao's visit to the UK, the Chinese Ministry of Commerce and the UK Department for International Trade jointly held the "Export to China" UK special event. Can you provide details about this event? [He Yadong]: The UK was the first country to sign a Memorandum of Understanding on cooperation with China under the "Export to China" initiative and is one of the five focus countries for "Export to China" this year. The "Export to China" UK special event held in London on July 1 is a specific measure to implement important economic and trade consensus between the leaders of China and the UK, receiving strong support and active responses from the governments and business communities of both countries. Minister Wang Wentao and UK Minister for Commerce and Investment Keir co-chaired and delivered speeches at the event, with about 40 Chinese companies participating with a willingness to cooperate in London. Over a hundred UK companies also attended, demonstrating a high degree of importance placed on the Chinese market by the UK. Companies from both sides engaged in precise matchmaking and negotiations, covering multiple areas of cooperation such as automotive, energy, chemicals, instrumentation, sports events, and life sciences. This event was highly recognized by the UK. Minister Keir stated that the UK's newly launched industrial development strategy aligns closely with China's "Fifteenth Five-Year Plan", creating opportunities for bilateral cooperation. China and the UK can deepen understanding, cooperate hand in hand, maintain stable economic and trade relations, and benefit both countries' people. Chairman of the UK-China Business Association Wu Sitan stated that it is unprecedented for a Chinese minister to visit a country to promote exports to China, demonstrating China's substantive measures to increase imports from the UK and its determination to expand global imports. Due to the decrease in Chinese import tariffs, Diageo's whiskey exports to China have been steadily increasing; AstraZeneca trusts China's level of scientific and technological innovation and manufacturing capabilities, continuously expanding investments in China; Glasgow Airport has enhanced cooperation with Chinese aviation companies, facilitating the export of superior UK products to China. These examples fully illustrate the immense potential and bright prospects for cooperation between the UK and China. The UK is also an important service trading partner for China, with China-UK services trade surpassing $30 billion in 2025 and still having considerable growth potential. China is willing to accelerate the joint feasibility study of a China-UK services trade agreement with the UK to create favorable conditions for the two countries to further enhance the level of service trade cooperation. Thank you. [Reuters reporter]: Regarding China's commitment to purchase at least $17 billion worth of US Shenzhen Agricultural Power Group (including soybeans) annually, can you provide the latest progress? Specifically, when is it expected for these purchases to gradually increase? Additionally, is there a plan to reduce or eliminate the remaining 10% tariff on US Shenzhen Agricultural Power Group? [He Yadong]: The trade of Shenzhen Agricultural Power Group is an important part of Sino-US economic and trade cooperation. After recent economic and trade negotiations, both sides have set a guiding target to expand the two-way trade of Shenzhen Agricultural Power Group and have agreed in principle to include relevant Shenzhen Agricultural Power Group products in the reciprocal tariff reduction framework. Companies will follow market principles and autonomously conduct trade based on actual demand and market conditions. China is willing to work with the US to create favorable conditions for two-way Shenzhen Agricultural Power Group trade. Thank you. [Deutsche Presse-Agentur reporter]: China-EU trade negotiations were held in Brussels on Monday. After the talks, EU Trade Commissioner Xie Fuchovych stated that both sides agreed for him to visit China in October to discuss the new results of the negotiations. Xie Fuchovych also welcomed Minister Wang's statement that "the existence of rare earth export controls will not disrupt the EU supply chain." Can the Ministry of Commerce confirm the invitation for Xie Fuchovych to visit China in October? Additionally, can the Ministry of Commerce confirm Minister Wang's statement regarding rare earth export controls? Furthermore, in order to protect the EU supply chain from being disrupted by Chinese rare earth export controls, what measures does China plan to take? [He Yadong]: China and the EU have had good cooperation under the dialogue on export controls. At the first meeting of the China-EU Trade and Investment Negotiation Mechanism, the EU expressed appreciation and gratitude for the positive results achieved in the China-EU dialogue on export controls. Both sides will further strengthen exchanges and consultations in the export controls panel established under the China-EU Trade and Investment Negotiation Mechanism to maintain the stability of the global supply chain. Thank you. This text was adapted from the official website of the Ministry of Commerce, translated by Li Fo for GMTEight.