China’s Li pledges to address US firms’ ‘reasonable concerns’ at Beijing meeting

Chinese Premier Li Qiang met with a delegation from the US-China Business Council on Tuesday at the Great Hall of the People in Beijing. The meeting took place as Beijing prepares for President Xi Jinping's upcoming visit to the United States. Li assured US companies that China would address their "reasonable concerns" and promise a fair and competitive market.

He emphasized that China, with its vast size and emerging sectors like smart and green consumption, presents a unique market opportunity. Li also suggested that friction is inevitable given the scale of China-US trade and that it can be mitigated through mutual respect and consultation. The US-China Business Council, which represents over 270 US companies in China, including Visa, Medtronic, 3M, and Pfizer, expressed confidence that the meeting between US President Donald Trump and Chinese President Xi in May had set a stable tone for economic cooperation.

They also reaffirmed their commitment to expanding investment in China and maintaining long-term partnerships. Meanwhile, US Treasury Secretary Scott Bessent criticized China's global trade surplus during his opening address at the G20 Finance Ministers' meeting in Asheville, North Carolina, citing concerns over "excessive imbalances".

China's foreign ministry spokesman, Guo Jiakun, responded by asserting that Beijing had never deliberately pursued a surplus and opposed unilateral tariffs. In US dollar terms, China's bilateral trade with the US grew 2.3% in the first seven months of the year, while total foreign trade surged 21.8%.