China US Photo: VCG

US Treasury Secretary Scott Bessent on Monday local time indicated that he would be meeting his Chinese counterpart within the next two weeks.

In an interview with CNBC, Bessent said that the US and China could expand their cooperation into areas beyond trade. "We had good meetings in Geneva, in London. We both approached it with great respect," he said. "I think there are things for us to do together if the Chinese want to do it," he added. 

"So we will discuss whether we are able to move beyond trade into other areas," according to Bloomberg reports.

Chinese experts said Bessent's remarks underscore the importance of the economic and trade relationship between China and the US. It also signals a potential shift in the Washington's approach to trade negotiations with China. However, significant challenges remain in the US-China trade relationship. If both sides can meet each halfway and actively seek cooperation, it will not only be beneficial to the two countries but also bring more stability to the global market and have a positive impact on other countries.

Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Tuesday that following the recent economic and trade talks in London, both sides had finalized implementation details to carry out the important consensus reached by the two heads of state during their June 5 phone call and to consolidate the outcomes of the Geneva talks.

The London framework was hard-won, Zhou said. The tariff suspension period in this agreement is longer than in previous ones and has not expired yet, giving both sides more room to negotiate. This eases trade tensions and creates a better negotiation environment. Following the London talks, both sides began fulfilling their commitments and implementing the consensus, easing pressure on bilateral relations and laying a foundation for more stable development.

Despite Bessent's optimism, the US approach remains unpredictable, Lü Xiang, a research fellow at the Chinese Academy of Social Sciences, told the Global Times on Tuesday.

"This does not mean that the two sides have entered into a state of active communication or cooperation. China will continue to strive to increase positive factors and reduce negative ones while maintaining trade and economic relations with the US — but it must remain vigilant against hegemonic thinking and uncertainty," Lü said.

Bessent's announcement of further consultations suggested that these talks have been coordinated with China. There is hope for positive outcomes, though specific goals remain unclear, Lü said.

Chinese experts expect that the next round of talks could cover a broader range of issues beyond trade, including investment, currency, high-technology exports, and energy procurement. "The fact that both sides have continued to engage in dialogue shows that complete decoupling is not feasible," Lü said. "However, it is important for China to continue advocating for its interests and addressing negative factors in bilateral relations."

Last month, both sides agreed in principle on the framework to implement the consensus reached by the two heads of state during their June 5 phone call, as well as the framework of measures to consolidate the outcomes of the economic and trade talks in Geneva. The agreement was reached at the first meeting of the China-US economic and trade consultation mechanism held in London, Xinhua News Agency reported on June 11.