US foodstuffs to return to Chinese market

Chinese companies are expected to buy more agricultural products from the United States after millions of tons of US soybeans have been shipped out to China, according to State media.

The soybean shipment would be the first major purchase of US agricultural products by Chinese enterprises after a June meeting of the two heads of state in Osaka, Japan, Xinhua News Agency reported on Sunday.

In the next step, relevant Chinese enterprises will continue to make price inquiries into the purchase of US soybeans, cotton, pork, sorghum, wheat, corn, dairy products and other foodstuffs to meet the needs of the domestic market, the report said.

Chinese companies are expected to make new purchases of US agricultural products as long as the products have reasonable prices and are of good quality, it said, citing officials from the National Development and Reform Commission and the Ministry of Commerce.

Chinese authorities indicated that the US should take concrete measures to implement its commitments and create favorable conditions for economic and trade cooperation.

China and the US will hold the 12th round of high-level economic and trade consultations in Shanghai on Tuesday and Wednesday. US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer will meet with Vice-Premier Liu He to continue negotiations aimed at improving the bilateral trade relationship, according to earlier reports.

Du Ying, a biotech scientist and chairwoman of biopharmaceutical company Zai Lab, said: "It is important to seek to promote Chinese innovation and promote the improvement of China's system. (China and the US) should be very friendly strategic partners."

Gary Adams, president and CEO of the National Cotton Council, said that while the US cotton industry established a win-win partnership with the Chinese cotton and textile industries over the past 15 years, the ongoing China-US trade conflict has created uncertainty.

Adams said industries from both countries should look at the bigger picture. "In addition to considering the sustainable supply chain, it is crucial to maintain a long-term partnership with China. The ultimate goal is to foresee the development of the cotton market of China and the US 20 years from now," he said.