Today (July 23rd) afternoon, the State Council Information Office held a press conference to introduce the business work and operations in the first half of 2026.
At the press conference, Meng Huating, Director of the Department of Foreign Investment of the Ministry of Commerce, responded to questions regarding the progress of establishing the Trade Council and the Investment Council between China and the United States. She said that currently, the economic and trade teams of both sides are maintaining close communication on details such as the structure, functions, and operating models of the Trade Council. They are also exploring ways to promote the implementation of a reciprocal tax reduction framework worth 30 billion US dollars for each side. The Chinese side is seeking opinions from various stakeholders, including domestic enterprises, business associations, local governments, and American-funded business associations, regarding relevant tax reduction arrangements. The American side is also soliciting public comments on the Trade Council and the reciprocal tax reduction arrangements. Both sides will maintain close communication, quickly agree on specific product-related tax reduction arrangements, and promote the implementation of these arrangements to further expand bilateral trade.
