(MENAFN- Asia Times) China has changed its strategy in a chip war against the United States by focusing more on damage control after it failed to make Washington lift its export ban in three high-level official talks over the past three months.
After Raimondo and Chinese Commerce Minister Wang Wentao held a four-hour meeting in Beijing on Monday, there has been no sign that either side will lift its export ban or lower its extra tariffs against the other.
But despite their disagreements in trade disputes, they agreed to set up a new commercial issues working group for government officials and private sector representatives to seek solutions on trade and investment issues. The working group will meet twice annually at the vice-minister level, with thehosting the first meeting in early 2024.
The two countries also launched an export control enforcement information exchange platform. The first assistant secretary-level meeting was held in Beijing on Tuesday. Besides, an in-person meeting at the ministerial level will be held at least once a year to discuss commercial and economic issues.
The establishment of new mechanisms to handle trade disputes seems to have provided more room for China and theto extend cooperation, according to some observers.
“Economic and trade relations between China and theare mutually beneficial and win-win in nature,” Chinese Premier Li Qiang told Raimondo in a meeting on Tuesday.
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