- He Lifeng emphasizes WTO’s role in trade governance.
- Focus on multilateralism and tariff adjustments.
- Significant impact on China-US economic relations.
He Lifeng, China’s Vice Premier, reaffirmed China’s support for the WTO during a crucial meeting on May 11, 2025, in Geneva.
China’s backing of the WTO underscores its strategic positioning in global trade, potentially influencing international relations and economics.
Chinese Vice Premier He Lifeng met with WTO Director-General Ngozi Okonjo-Iweala to express China’s commitment to multilateralism and free trade. Significant trade discussions ensued, reflecting ongoing China-US negotiations.
He Lifeng highlighted the WTO’s cornerstone role in trade and economic governance. The meeting resulted in the US altering tariffs on Chinese goods, aiming to improve trade relations between these powerful economies. In his words:
“The multilateral trading system, with the WTO at its core, is the cornerstone of international trade and plays an important role in global economic governance.” Source
US tariff suspension demonstrates progress in bilateral talks, affecting industries and markets globally. The economic adjustments aim to stabilize global supply chains and reduce trade tensions.
The developments have a profound impact on financial markets and political dynamics, indicating China’s steadfastness in advocating multilateral frameworks to resolve trade disputes.
Experts expect ongoing cooperation between China and the US, predicting a positive trend in global economic policies. These initiatives might lead to more robust international trade agreements, affecting industries worldwide.
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