Bessent calls economic consultations with He Lifeng 'successful'

Chinese and US teams convened consultations on economic and trade issues of common concern and held "candid, in-depth and constructive exchanges", according to the latest Xinhua report.

Vice Premier He Lifeng met with US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer on the implementation of consensus reached in previous talks, by upholding the principles of mutual respect, peaceful coexistence and win-win cooperation.

International trade representative of China Li Chenggang told reporters that Sunday's discussions went well, with dialogues on artificial intelligence, trade and investment.

Bessent posts a photo of him shaking hands with Vice Premier He on his social media website.

The eight-hour meeting was held at JP Morgan Chase's headquarters in Manhattan, New York, on Sunday morning.

Speaking to reporters, Bessent hails what he calls "successful" talks on artificial intelligence and trade with He, and says the delegates from the two countries have agreed to meet again.

Bessent also says they've exchanged views on setting up a mechanism on AI dialogue and put forward a new "notification mechanism" for AI incidents that could impact national security.

Greer, meanwhile, points out both sides have "operationalised" the US-China Board of Trade to help facilitate trade negotiations, adding Washington's export curb on advanced AI chips and semiconductor manufacturing equipment is outside the scope of this meeting.

He says it is vital China and the US can work together, and the talks are set to lay the groundwork for the coming September 24 Trump-Xi summit at the White House.

China's international trade representative Li Chenggang reportedly notes the Chinese team will continue their talks with the US side on Monday and he will "possibly" join them.