国务院新闻办公室于2025年4月9日发布《关于中美经贸关系若干问题的中方立场》白皮书。全文如下：

关于中美经贸关系若干问题的中方立场
China’s Position on Some Issues
Concerning China-US Economic
and Trade Relations

（2025年4月）
中华人民共和国
国务院新闻办公室
The State Council Information Office of
the People’s Republic of China
April 2025

 

目录
Contents

前言
Preface

一、中美经贸关系的本质是互利共赢
I. China-US Economic and Trade Relations Are Mutually Beneficial
and Win-Win in Nature

（一）中美是重要的货物贸易伙伴

（二）中美服务贸易保持快速增长

（三）中方从不刻意追求贸易顺差

（四）中美互为重要双向投资伙伴

（五）中美均受益于双边经贸合作

二、中方认真履行中美第一阶段经贸协议
II. The Chinese Side Has Scrupulously Honored the Phase One
Economic and Trade Agreement

（一）不断完善知识产权保护

（二）禁止强制技术转让

（三）扩大食品和农产品市场准入

（四）扩大金融服务业市场准入

（五）保持人民币汇率在合理均衡水平上基本稳定

（六）积极扩大贸易规模

（七）就协议事项与美方保持务实沟通

三、美方违反中美第一阶段经贸协议有关义务
III. The US Side Has Failed to Meet Its Obligations Under the Phase
One Economic and Trade Agreement

（一）未落实协议技术转让章承诺

（二）未完全落实协议食品和农产品贸易章承诺

（三）未完全落实协议金融服务、汇率相关承诺

（四）未为中方扩大采购和进口提供合理便利条件

四、中国践行自由贸易理念，认真遵守世界贸易组织规则
IV. China Upholds the Principle of Free Trade and Strictly Complies
with WTO Rules

（一）全面加强贸易政策合规工作

（二）切实履行加入世界贸易组织降税承诺

（三）在世界贸易组织规则范围内合规合理提供补贴

（四）持续优化营商环境

五、单边主义、保护主义损害双边经贸关系发展
V. Unilateralism and Protectionism Undermine China-US Economic  and Trade Relations

（一）取消中国永久正常贸易关系地位损害中美经贸关系根基

（二）美方泛化国家安全概念阻碍两国正常经贸合作

（三）美方滥用出口管制破坏全球供应链稳定

（四）美方301关税措施是典型的单边主义做法

（五）美方232调查违反多边经贸规则

（六）美方违规滥用贸易救济措施增加贸易不确定性

（七）美方以芬太尼为由对华采取经贸限制措施无益于解决问题

（八）美方加征所谓“对等关税”损人害己

六、中美可以通过平等对话、互利合作解决经贸分歧
VI. China and the US Can Resolve Differences in Economic and
Trade Areas Through Equal-Footed Dialogue and Mutually
Beneficial Cooperation

（一）平等对话应是大国间解决问题的基本态度

（二）互利合作有利于中美实现各自的发展目标

（三）世界期待中美合作带来更多的发展机会

结束语
Conclusion

 

前言
Preface

中国是世界上最大的发展中国家，也是对世界经济增长年均贡献率最高的国家。美国是世界上最大的发达国家，经济体量全球第一。中美经贸关系既对两国意义重大，也对全球经济稳定和发展有着重要影响。
As the world’s largest developing country, China is also the largest contributor to annual global economic growth. As the largest developed country, the United States boasts the largest economy in the world. The China-US economic and trade relations hold profound significance for both countries and exert a substantial influence on global stability and development.

中美两国建交46年以来，双边经贸关系持续发展。中美贸易额从1979年的不足25亿美元跃升至2024年的近6883亿美元。中美经贸合作领域不断拓宽、水平不断提高，为两国经济社会发展、人民福祉提升作出重要贡献。
Over the 46 years since the establishment of diplomatic relations between China and the US, bilateral trade and economic ties have developed steadily. The volume of trade between the two countries has surged from less than US$2.5 billion in 1979 to nearly US$688.3 billion in 2024. The China-US economic and trade cooperation has continued to expand and improve, making significant contribution to the economic and social development, and wellbeing of the peoples of both countries.

但是，近年来美单边主义、保护主义抬头，严重干扰中美正常经贸合作。2018年中美经贸摩擦以来，美方对超过5000亿美元中国输美产品加征高额关税，持续出台对华遏制打压政策。中方不得不采取有力应对措施，坚决捍卫国家利益。同时，中方始终坚持通过对话协商解决争议的基本立场，与美方开展多轮经贸磋商，努力稳定双边经贸关系。
However, in recent years, the rise of unilateralism and protectionism in the US has significantly impeded the course of normal economic and trade cooperation between the two countries. Since the beginning of trade friction between China and the US in 2018, the US side has imposed tariffs on Chinese exports worth more than US$500 billion. Furthermore, it has continuously implemented policies aimed at containing and suppressing China. The Chinese side has to take forceful countermeasures to defend its national interests. At the same time, committed to resolving disputes through dialogue and consultation, the Chinese side has engaged in multiple rounds of economic and trade consultations with the US side to stabilize bilateral economic and trade relations.

2020年1月15日，中美签署《中华人民共和国政府和美利坚合众国政府经济贸易协议》（即中美第一阶段经贸协议）。协议生效后，中方秉持契约精神，努力克服突如其来的疫情冲击及随之而来的供应链受阻、全球经济衰退等多重不利因素影响，推动落实协议。美方多次发布声明，肯定中方落实协议成效。反观美方，持续加严出口管制、加码制裁中国企业，数次违反协议义务。
On January 15, 2020, China and the US signed the Economic and Trade Agreement Between the Government of the People’s Republic of China and the Government of the United States of America (also known as the Phase One Economic and Trade Agreement). Following its entry into force, the Chinese side upheld the spirit of contract and endeavored to overcome multiple adverse factors, including the unexpected impact of the pandemic, subsequent supply chain disruptions, and global economic recession, to ensure implementation of the Agreement. The US side issued several statements affirming the effectiveness of the Chinese side’s efforts. In contrast, the US side has continuously tightened export control, escalated sanctions against Chinese enterprises, and repeatedly violated its obligations under the Agreement.

美方近期先后发布“美国第一”贸易、投资政策备忘录和“美国第一”贸易政策报告执行摘要，对中国产品全面加征额外关税，包括以芬太尼等问题为由对中国加征关税、征收“对等关税”并进一步加征50%关税，还针对中国海事、物流和造船业提出征收港口费等301调查限制措施。这些以关税等为威胁、要挟的限制措施是错上加错，再次暴露了美方典型的单边主义、霸凌主义本质，既违背市场经济规律，更与多边主义背道而驰，将对中美经贸关系产生严重影响。中方已根据国际法基本原则和法律法规，采取必要反制措施。
Recently, the US side issued the America First Trade Policy Memorandum, the America First Investment Policy Memorandum and the Report on the America First Trade Policy Executive Summary, imposed comprehensive additional tariffs on Chinese products, including tariffs citing the fentanyl issue as the pretext, announced “reciprocal tariffs”, levied an additional 50 percent on existing tariffs, and proposed Section 301 investigation restrictions, such as charging port fees, targeting China’s maritime, logistics, and shipbuilding industries. These restrictive measures have escalated the problem, and again reveal the isolationist and coercive nature of US conduct. They are in conflict with the principles of the market economy, run counter to multilateralism, and will have serious repercussions for China-US economic and trade relations. In accordance with the fundamental principles of international law and relevant laws and regulations, the Chinese side has taken necessary countermeasures.

美国对贸易伙伴采取的关税等经贸限制措施，使原有成熟的全球供应链产业链被人为切断，以市场为导向的自由贸易规则被打破，各国经济发展受到严重干扰，伤害包括美国在内的各国人民福祉，伤害经济全球化。
The US imposition of tariffs and other restrictive trade measures on its trading partners has artificially disrupted established global supply and industrial chains, undermined market-oriented free trade rules, severely hindered the economic development of various countries, harmed the wellbeing of both the American people and those of other countries, and negatively impacted economic globalization.

中方始终认为，中美经贸关系的本质是互利共赢。作为发展阶段、经济制度不同的两个大国，中美双方在经贸合作中出现分歧和摩擦是正常的，关键要尊重彼此核心利益和重大关切，通过对话协商找到妥善解决问题的办法。
The Chinese side has always maintained that China-US economic and trade relations are mutually beneficial and win-win in nature. As two major countries at different stages of development with distinct economic systems, it is natural for China and the US to have differences and frictions in their economic and trade cooperation. It is crucial to respect each other’s core interests and major concerns, and find proper solutions to resolve the issues through dialogue and consultation.

为澄清中美经贸关系事实，阐明中方对相关问题的政策立场，中国政府特发布此白皮书。
The Chinese government is issuing this white paper to clarify the facts about China-US economic and trade relations, and elaborate the position of the Chinese side on relevant issues.

一、中美经贸关系的本质是互利共赢
I. China-US Economic and Trade Relations Are Mutually Beneficial and Win-Win in Nature

中美建交以来，双边贸易投资合作成果丰硕，实现了优势互补、互利共赢。中美两国间拥有广泛共同利益和广阔合作空间，维护中美经贸关系稳定发展，符合两国和两国人民的根本利益，也有利于全球经济发展。事实证明，中美合则两利、斗则俱伤，中美经贸合作是互利共赢的必然选择。
Since the establishment of diplomatic relations between China and the US, the two sides have achieved fruitful outcomes in bilateral trade and investment cooperation, realizing complementarity and mutual benefits. China and the US share extensive common interests and vast potential for cooperation. Maintaining the stable development of China-US economic and trade relations is in the fundamental interest of both nations and peoples, which is also conducive to global economic development. The fact shows that cooperation between China and the US benefits both sides, while confrontation harms both. Cooperation is essential to mutual benefits and win-win outcomes.

（一）中美是重要的货物贸易伙伴
1. China and the US Are Important Partners of Trade in Goods

双边货物贸易快速增长。根据联合国统计数据，2024年中美双边货物贸易额达6882.8亿美元，是1979年建交时的275倍，是2001年中国加入世界贸易组织时的8倍多。目前，美国是中国第一大货物出口目的地国和第二大进口来源国，2024年中国对美国出口、自美国进口分别占当年中国出口和进口总额的14.7%和6.3%；中国是美国第三大出口目的地国和第二大进口来源国，2024年美国对华出口、自华进口分别占美国出口和进口总额的7.0%和13.8%。
China-US two-way trade in goods has grown rapidly. Statistics from the United Nations (UN) show that in 2024, the volume of trade in goods between China and the US reached US$688.28 billion, which was 275 times the volume of the trade in 1979, when diplomatic relations were established between the two countries, and more than eight times the volume of the trade in 2001, when China joined the World Trade Organization (WTO). Currently, the US is China’s largest goods export destination and the second-largest source of imports. In 2024, China’s exports to the US and imports from the US accounted for 14.7 percent and 6.3 percent of China’s total exports and imports for the year. China is the US’s third-largest export destination and second-largest source of imports. In 2024, US exports to China and imports from China accounted for 7.0 percent and 13.8 percent of the US total exports and imports for the year respectively.

美国对华出口增速明显快于其对全球出口。中国加入世界贸易组织以来，美国对华出口快速增长，中国成为美国重要的出口市场。根据联合国统计数据，2024年美国对华货物出口额1435.5亿美元，较2001年的191.8亿美元增长648.4%，远远高于同期美国对全球183.1%的出口增幅（图1）。
US exports to China have grown much faster than its exports to the rest of the world. Since China’s entry into the WTO, US exports to China have grown rapidly, making China an important export market for the US. According to UN statistics, in 2024, US goods exports to China reached US$143.55 billion, representing a 648.4 percent increase from US$19.18 billion in 2001, which far exceeded its overall export growth of 183.1 percent during the same period (Figure 1).

中国是美国农产品、集成电路、煤、石油气、药品、汽车的重要出口市场。中国是美国大豆、棉花的第一大出口市场，集成电路、煤的第二大出口市场，医疗器械、石油气、汽车的第三大出口市场。根据联合国数据，2024年美国出口中51.7%的大豆、29.7%的棉花、17.2%的集成电路、10.7%的煤、10.0%的石油气、9.4%的医疗器械、8.3%的载人机动车都销往中国。
China is an important export market for US agricultural products, integrated circuits, coal, liquefied petroleum gas, pharmaceuticals, and automobiles. China is the largest export market for US soybeans and cotton, the second-largest export market for integrated circuits and coal, and the third-largest export market for medical devices, liquefied petroleum gas, and automobiles. UN data shows that in 2024, China was the destination for 51.7 percent of US soybean exports, 29.7 percent of its cotton exports, 17.2 percent of its integrated circuit exports, 10.7 percent of its coal exports, 10.0 percent of its liquefied petroleum gas exports, 9.4 percent of its medical equipment exports, and 8.3 percent of its passenger motor vehicle exports.

中美双边贸易互补性强。两国发挥各自比较优势，双边贸易呈互补关系（表1）。根据中国海关数据，2024年中国向美国出口前五大类商品为电机电气设备及其零附件、机械器具及零件、家具、玩具和塑料制品等，合计占比为57.2%。中国从美国进口前五大类商品为矿物燃料、机械器具及零件、电机电气设备及其零附件、光学仪器和大豆等含油子仁，合计占比为52.8%。机电产品在中美双边贸易中较为重要，产业内贸易特征较为明显。
China-US bilateral trade is highly complementary as the two countries play to their comparative strengths (Table 1). Chinese customs data shows that in 2024, China’s top five export categories to the US were electrical machinery and equipment and parts thereof, mechanical appliances and parts thereof, furniture, toys, and plastics, accounting for 57.2 percent of its total exports to the US. China’s top five import categories from the US were mineral fuels, mechanical appliances and parts, electrical machinery and equipment and parts, optical instruments and apparatus, and oil seeds including soybeans, accounting for 52.8 percent of its total imports from the US. Machinery and electrical products are particularly important in China-US bilateral trade, exhibiting an evident characteristic of intra-industry trade.

（二）中美服务贸易保持快速增长
2. China-US Trade in Services Maintains Rapid Growth

美国服务业产业门类齐全，具有较强国际竞争力。总体来看，随着经济不断发展和人民生活水平提升，中国对服务需求明显扩大，中美双方服务贸易快速增长。据美国商务部统计，2001－2023年，中美服务贸易额由89.5亿美元扩大到668.6亿美元，增长了6倍（图2）。根据中方统计，2023年，美国是中国第二大服务贸易伙伴；据美方统计，中国是美国第五大服务出口目的地。
The US service industry is well developed with a complete range of sectors and strong international competitiveness. Overall, as the economy continues to develop and the standard of living rises, the demand for services in China is expanding significantly, leading to rapid growth in service trade between China and the US. According to the US Department of Commerce (USDOC), between 2001 and 2023, two-way trade in services between China and the US expanded from US$8.95 billion to US$66.86 billion, representing a seven-fold increase (Figure 2). China’s statistics show the US as its second-largest trade partner in services in 2023, while US data lists China as its fifth-largest services export market.

美国是中国服务贸易最大逆差来源地，逆差规模总体呈现扩大趋势。据美国商务部统计，2001－2023年，美国对华服务出口额由56.3亿美元扩大到467.1亿美元，增长了7.3倍；美国对华服务贸易年度顺差扩大11.5倍至265.7亿美元（图2），2019年时更是高达397亿美元。2023年，中国仍是美国服务贸易顺差最大来源国，占美国服务贸易顺差总额的9.5%左右，中国对美服务贸易逆差主要集中在旅行（含教育）、知识产权使用费和运输服务三个领域（表2）。
The US stands as the largest source of China’s deficit in service trade, with the deficit generally exhibiting an upward trend. According to the USDOC, from 2001 to 2023, US service exports to China expanded from US$5.63 billion to US$46.71 billion, an 8.3-fold increase. The US annual service trade surplus with China expanded 11.5 times to US$26.57 billion (Figure 2). In 2019, the number soared to US$39.7 billion. In 2023, China continued to be the biggest contributor to the US service trade surplus, representing roughly 9.5 percent of the total. China’s service trade deficit with the US is primarily concentrated in three areas: travel (including education), intellectual property royalties, and transportation (Table 2).

中国对美旅行服务贸易逆差不断扩大。根据美国商务部数据，2023年中国赴美游客约110万人次，在美消费占美国对华服务出口总额的14%，旅游、就医、留学仍是赴美服务贸易消费主项。根据美国商务部统计，美国对中国旅行服务（含教育）出口从2001年的23.1亿美元增长至2023年的202.3亿美元，扩大了7.8倍。
China’s trade deficit with the US in travel services has expanded continuously. Data from the USDOC shows that in 2023, Chinese tourists made approximately 1.1 million visits to the US, with their spending accounting for 14 percent of US service exports to China. Tourism, medical treatment, and studying abroad remain the primary categories of service trade consumption for those travelling from China to the US. According to the USDOC, US exports of travel services (including education) to China grew from US$2.31 billion in 2001 to US$20.23 billion in 2023, representing an 8.8-fold increase.

中国对美国支付知识产权使用费持续增长。2023年，知识产权使用费仍是美国服务贸易主要收入来源（占比13.1%）。据统计，美国从中国获取知识产权使用费占从亚太地区获取知识产权使用费总额的五分之一，占美国从全球获取知识产权使用费总额的5%。
China’s payments of intellectual property royalties to the US have increased steadily. In 2023, intellectual property royalties remain a primary source of revenues for US service trade, accounting for 13.1 percent of its service trade revenues. The intellectual property royalties the US receives from China represent one-fifth of the total royalties obtained from the Asia-Pacific region and account for 5 percent of US global intellectual property royalty revenue.

（三）中方从不刻意追求贸易顺差
3. China Never Deliberately Pursues a Trade Surplus

中美货物贸易差额既是美国经济结构性问题的必然结果，也是由两国比较优势和国际分工格局决定的。中国并不刻意追求顺差，事实上，中国经常账户顺差与国内生产总值之比已从2007年的9.9%降至2024年的2.2%。
The trade balance in goods between China and the US is both an inevitable result of the structural issues in the US economy and a consequence of the comparative advantages and international division of labor between the two countries. China does not deliberately pursue a trade surplus. As a matter of fact, the ratio of China’s current account surplus to GDP has decreased from 9.9 percent in 2007 to 2.2 percent in 2024.

中美经贸往来获益大致平衡。客观认识和评价中美双边贸易是否平衡，需要全面深入考察，不能只看货物贸易差额。在经济全球化深入发展、国际化生产普遍存在的今天，双边经贸关系内涵早已超出货物贸易范围，服务贸易和本国企业在对方国家分支机构的本地销售额（即双向投资中的本地销售）也应纳入。综合考虑货物贸易、服务贸易和本国企业在对方国家分支机构的本地销售额三项因素，中美双方经贸往来获益大致平衡（图3）。
Gains from economic and trade relations between China and the US are generally balanced. A comprehensive and in-depth assessment is required to objectively evaluate whether China-US bilateral trade is balanced, as it cannot be based solely on trade in goods. In today’s context of expanding economic globalization and the prevalence of internationalized production, the scope of bilateral economic and trade relations has long since extended beyond trade in goods. Services and the local sales of domestic enterprises’ branches in the other country (local sales generated by two-way investment) should also be included. When the three factors of trade in goods, trade in services, and the local sales of domestic enterprises’ branches in the other country are taken into full account, it can be seen that the economic and trade benefits gained by China and the US are roughly balanced (Figure 3).

根据美国商务部数据，2023年美国对华服务贸易顺差为265.7亿美元，美国在服务贸易方面占有显著优势；2022年美资企业在华销售额高达4905.2亿美元，远高于中资企业在美786.4亿美元的销售额，差额高达4118.8亿美元，美国企业跨国经营优势更为突出。
Data from the USDOC shows that in 2023, the US registered a surplus of US$26.57 billion in service trade – a notable advantage for the US. Furthermore, in 2022, the sales revenue of the US-owned enterprises in China reached US$490.52 billion, significantly exceeding the US$78.64 billion in sales revenue generated by Chinese-owned enterprises in the US. The gap of US$411.88 billion underscores the more pronounced advantage of American enterprises in multinational operations.

美国对华逆差占比下降，对全球逆差增加。根据美国商务部经济分析局数据，中国占美国货物贸易总逆差的比值已经连续6年下降，从2018年的47.5%降至2024年的24.6%，同期美国对其他国家和地区的逆差大幅增加。2024年美国货物贸易逆差总额达1.2万亿美元，同比增加13%，连续四年超过1万亿美元。
The US trade deficit has increased globally, while the proportion attributable to China has decreased. According to the data of the BEA, USDOC, China’s share of the total US deficit of trade in goods has fallen in each of the past six years, from 47.5 percent in 2018 to 24.6 percent in 2024, while the US trade deficit with other countries and regions has increased substantially in the same period. In 2024, the US international deficit of trade in goods reached US$1.2 trillion, an increase of 13 percent year on year, the fourth consecutive year that had exceeded US$1 trillion.

中国对外贸易具有大进大出特点，中美贸易亦是如此。中国在很多加工制成品出口中获得的增加值，仅占商品总价值的一小部分，而当前贸易统计方法是以总值（中国对美出口的商品全额）计算中国出口。如果以贸易增加值方法核算，美国对华逆差将大幅下降。
China’s foreign trade is characterized by large volumes of both imports and exports, a pattern mirrored in China-US trade. The value-added accrued by China from much of the export of processed manufactured goods represents only a minor fraction of the total value of all commodities. However, current trade statistics methods calculate China’s exports based on their gross value (the full value of goods exported by China to the US). Calculated by the trade in value-added method, the US trade deficit with China would significantly decrease.

中方多措并举，积极扩大进口。积极扩大进口，是中国作为负责任大国的主动担当，是对世界经济发展的重要贡献。自2018年11月起，每年均在上海举办中国国际进口博览会，参展国家和意向成交金额逐年增长，累计意向成交金额超5000亿美元。2024年，中国进口总额为18.4万亿元人民币，同比增长2.3%，进口规模创历史新高，连续16年稳居全球第二大进口市场。
China is proactively adopting various measures to expand imports. Actively expanding imports demonstrates China’s proactive commitment as a responsible major country and constitutes a significant contribution to global economic development. Since November 2018, the China International Import Expo (CIIE) has been held annually in Shanghai. Both the number of participating countries and the intended transaction value have shown year-on-year growth, with cumulative intended transaction value exceeding US$500 billion. In 2024, China’s imports totaled RMB18.4 trillion, up 2.3 percent year on year, with the value of imports reaching a record high. China has maintained its position as the world’s second-largest import market for the 16th consecutive year.

中国有序扩大自主开放和单边开放，超大规模市场潜力持续释放，为世界各国提供了更多机遇。2024年，中国自共建“一带一路”国家进口9.86万亿元人民币，增长2.7%，占进口总值的53.6%。2024年12月1日，中国给予所有已建交的最不发达国家100%税目产品零关税待遇，带动当月自相关国家进口增长18.1%。当前和未来一段时间，中国进口增长空间巨大。预计到2030年，仅自发展中国家累计进口就有望超过8万亿美元。
China has systematically expanded voluntary opening up and unilateral opening up, continuing to unleash the potential of its vast market and providing increased opportunities for countries worldwide. In 2024, China imported RMB9.86 trillion of goods from the Belt and Road Initiative partner countries, up 2.7 percent, which accounted for 53.6 percent of the country’s total import value. Since December 1, 2024, China has implemented a policy granting zero-tariff treatment for 100 percent of tariff lines to all least developed countries with which it has diplomatic relations, which led to an 18.1 percent growth in imports from relevant countries in the first month. In the current period and for some time to come, China possesses substantial potential for import growth. It is projected that by 2030, the cumulative value of imports from developing countries alone is expected to exceed US$8 trillion.

积极扩大进口，也是中国推进高水平对外开放的重要内容。中国将有序扩大商品市场对外开放，落实好对所有已建交的最不发达国家100%税目产品零关税待遇，继续发挥进博会、广交会、服贸会、消博会等重要展会平台促进作用，推动培育国家进口贸易促进创新示范区，不断提升进口贸易便利化水平，挖掘进口潜力，把中国超大规模市场打造成为世界共享大市场，为全球经济发展注入新动能。
Actively expanding imports is also a key part of China’s strategy for high-level opening up. China will systematically expand market access for goods and fully implement zero tariffs on all tariff lines for the least developed countries with which it has diplomatic relations. It will continue to use the major platforms such as the CIIE, China Import and Export Fair, China International Fair for Trade in Services, and China International Consumer Products Expo to boost imports. China will also develop national-level demonstration zones for the creative promotion of imports, steadily facilitate growth in imports, and explore more potential. The goal is to transform China’s vast market into a shared global market, injecting new impetus into the world economy.

（四）中美互为重要双向投资伙伴
4. China and the US Are Important Two-Way Investment Partners

美国是中国重要外资来源地。根据中国商务部数据，截至2023年末，美国实际在华投资金额为982.3亿美元。2023年，美国在华新设投资企业1920家，实际投资金额33.6亿美元，较上年增长52.0%。
The US is a major source of foreign investment for China. According to the statistics of the Chinese Ministry of Commerce (MOFCOM), by the end of 2023, the actual accumulated amount of US investment in China was US$98.23 billion. In 2023, the US set up 1,920 new enterprises in China, with an actual investment of US$3.36 billion, up 52 percent from the previous year.

美国是中国重要的投资目的地，中国企业对美国直接投资快速和显著增长。根据中国商务部数据，截至2023年，中国对美直接投资存量约为836.9亿美元，覆盖国民经济18个行业门类，中国累计在美设立境外企业超5100家，雇佣外方员工超过8.5万人。中国还对美国进行了大量金融类投资，根据美国财政部数据，截至2024年12月，中国持有美国国债7590亿美元，是美国国债第二大外国持有者。
The US is also an important investment destination for China, and Chinese companies’ direct investment in the US has grown rapidly and significantly. The statistics released by MOFCOM show that by the end of 2023, China’s direct investment in the US had reached roughly US$83.69 billion, covering 18 sectors of the national economy. Chinese companies have established over 5,100 overseas enterprises in the US, with more than 85,000 local employees. China has also made a significant financial investment in the US. According to the US Department of the Treasury, as of the end of December 2024, China owned US$759 billion of US treasury bonds, as the second-largest foreign creditor of the US.

（五）中美均受益于双边经贸合作
5. China and the US Both Benefit from Bilateral Economic and Trade Cooperation

国际贸易关系中，国与国通过基于比较优势的商品交换，实现自身价值，满足彼此需要，实现共同发展。作为全球体量最大的两个经济体，中美经贸合作为双方带来的经济利益巨大，两国企业和消费者通过双向贸易和投资获得了实实在在的利益。
In international trade relations, countries exchange products based on their comparative advantages to realize their own value, meet each other’s needs, and achieve common development. As the two largest economies in the world, the economic and trade cooperation between China and the US has generated substantial benefits for both sides, with enterprises and consumers in both countries reaping tangible benefits through bilateral trade and investment.

中美经贸合作为美国创造了大量就业机会。根据美中贸易全国委员会2024年4月发布的报告，中国是美国商品和服务出口主要市场。就2022年的商品和服务出口总额而言，中国是美国3个州的最大出口市场，32个州的前三大出口市场以及43个州的前五大出口市场。据美中贸易全国委员会估算，2022年，美国对华出口在美创造了93.1万个美国就业岗位，排名居于第三位，仅次于加拿大和墨西哥，超过了日本和韩国两个亚洲市场支撑的美国就业岗位总和。
China-US economic and trade cooperation has created a large number of employment opportunities for the US. According to a report released by the US-China Business Council in April, 2024, China is a key market for US exports of goods and services. In terms of combined goods and services exports in 2022, China was the largest export market for three US states, in the top three for 32 US states, and in the top five for 43 US states.

According to an estimate by the US-China Business Council, the number of American jobs supported by exports to China was 931,000 in 2022, ranking third among all countries, behind only Canada and Mexico. This figure was more than the sum of US jobs supported by the two Asian markets of Japan and the Republic of Korea (ROK).

中美经贸合作为美国企业创造了大量商机和利润（表3）。中国拥有庞大的市场和不断升级的消费需求，例如，特斯拉在中国销量持续增长，2024年销量超过65.7万辆，同比增长8.8%，创下历史最高水平。十余家美资保险公司在华设有分公司。高盛、运通、美国银行、美国大都会人寿等美国金融机构作为中国金融机构的战略投资者，均取得了不菲的投资收益。美国商务部2024年8月的统计显示，2022年美国在华企业（拥有多数股权且资产、销售或净收入2500万美元以上）共1961家，总销售额4905.2亿美元，同比增长4.3%。
China-US economic and trade cooperation has created a large quantity of business opportunities and profits for American enterprises (Table 3). China has a vast market and continuously growing consumer demand. For example, Tesla’s sales in China have continued to grow, surpassing 657,000 units in 2024, up 8.8 percent year on year to a new historical high. More than 10 American insurance companies have subsidiaries in China. American financial institutions, such as Goldman Sachs, American Express, Bank of America, and MetLife, have achieved substantial investment returns as strategic investors in Chinese financial institutions.

Data from the USDOC in August 2024 shows that in 2022, there were a total of 1,961 American enterprises (businesses holding a majority equity stake and having assets, sales, or net revenue of above US$25 million) operating in China, with a combined total sales of US$490.52 billion, up 4.3 percent year on year.

中美经贸合作促进了美国产业升级。在与中国经贸合作中，美国跨国公司通过整合两国要素优势提升了国际竞争力。苹果公司在美国设计研发手机，在中国组装生产，在全球市场销售。特斯拉在华建立独资超级工厂，扩大产能，出口全球市场。中国承接了美国企业的部分生产环节，使得美国能够将资金等要素资源投入创新和管理环节，集中力量发展高端制造业和现代服务业，带动产业向高附加值、高技术含量领域升级，降低了美国国内能源资源消耗和环境保护的压力。
China-US economic and trade cooperation has facilitated the upgrading of American industries. Through cooperation with China, American multinational corporations have boosted their international competitiveness by integrating the strengths of resources from both countries. Apple designs and develops mobile phones in the US, assembles and manufactures them in China, and sells them in global markets. Tesla has established wholly-owned mega factories in China, expanded production capacity, and exported to global markets. China has taken on certain production processes for American enterprises, which enabled the US to allocate resources such as capital to innovation and management, and focus on the development of high-end manufacturing and modern services. It has driven US industry towards higher value-added and more technologically advanced sectors, reducing US domestic pressure for energy consumption and environmental protection.

中美经贸合作给美国消费者带来了实实在在的好处。美国从中国进口大量消费品、中间品和资本品，支持了美国制造业供应链和产业链的发展，丰富了美国消费者选择，降低了生活成本，提高了美国民众特别是中低收入群体实际购买力。
China-US economic and trade cooperation has brought tangible benefits to American consumers. The US has imported from China a large quantity of consumer goods, intermediate goods, and capital goods, which has supported the development of the supply and industrial chains of the US manufacturing industry, provided US consumers with more choices, lowered their cost of living, and increased the real purchasing power of the American people – especially the low and middle-income groups.

中美经贸合作也为中国企业创造了大量商机和利润。美国是全球最大的消费市场和最成熟的资本市场，中国企业通过赴美投资，拓展销售渠道，增强品牌国际影响力，吸引全球客户和合作伙伴，还能更便捷地获得融资，支持企业快速发展。
China-US economic and trade cooperation has generated substantial business opportunities and profits for Chinese companies. By investing in the US, which is the world’s largest consumer market and the most mature capital market, Chinese firms can expand their sales channels, increase the impact of their international brands, attract global clients and partners, and access financing more easily, thereby supporting rapid business growth.

美国在华企业在技术创新、市场管理、制度创新等方面为中国企业提供了经验，促进了中国企业加快转型升级，提高了行业效率和产品质量。
US companies in China have provided experience for their Chinese counterparts in technical innovation, market management, and institutional innovation, driving Chinese companies to accelerate their transformation and upgrading and improve industry efficiency and product quality.

二、中方认真履行中美第一阶段经贸协议
II. The Chinese Side Has Scrupulously Honored the Phase One Economic and Trade Agreement

作为负责任大国，中方认真履行协议义务，保护知识产权、增加进口、扩大市场准入，为包括美资企业在内的各国投资者创造了良好的营商环境，参与分享中国经济的发展红利。
As a major country that takes its responsibilities seriously, China has scrupulously fulfilled its obligations in the Phase One Economic and Trade Agreement (hereinafter referred to as the Agreement) by protecting intellectual property, increasing imports, and providing greater market access, which has created a favorable business environment geared to investors of all countries including US companies, for them to share the benefits of China’s economic development.

（一）不断完善知识产权保护
1. China Has Continued to Strengthen Intellectual Property Protection

创新是引领发展的第一动力，保护知识产权就是保护创新。中方在保护商业秘密、保护药品知识产权、打击网络侵权、加严知识产权执法等方面多措并举，认真落实协议知识产权章相关承诺。
Innovation is the number one driving force behind development. To protect intellectual property is to protect innovation. As part of its efforts to honor its obligations in the Agreement, China has adopted multiple measures to protect business secrets and pharmaceutical intellectual property, punish cyber infringement, and strengthen intellectual property law enforcement.

加强商业秘密保护。2020年9月，最高人民法院发布《关于审理侵犯商业秘密民事案件适用法律若干问题的规定》，最高人民法院、最高人民检察院发布《关于办理侵犯知识产权刑事案件具体应用法律若干问题的解释（三）》，最高人民检察院、公安部发布《关于修改〈关于公安机关管辖的刑事案件立案追诉标准的规定〉的决定》。2020年12月，全国人民代表大会通过刑法修正案。上述法规涵盖构成侵犯商业秘密的禁止行为范围界定、商业秘密盗窃犯罪行为界定、商业秘密盗窃案临时禁令申请、刑事调查启动门槛调整等。
Strengthening the protection of business secrets. In September 2020, the Supreme People’s Court issued the Regulations on the Application of Laws on Civil Cases of Infringement of Business Secrets; the Supreme People’s Court and the Supreme People’s Procuratorate issued the Interpretations to the Application of Laws on Criminal Cases of Intellectual Property Infringement (III); and the Supreme People’s Procuratorate and the Ministry of Public Security issued the Decision on Revising the Regulations on the Registration and Prosecution of Criminal Cases Under the Jurisdiction of Public Security Organs. In December 2020, the National People’s Congress (NPC) passed the amendments to the Criminal Law. These documents defined the scope of prohibited acts that constitute infringement of business secrets, the act of theft of business secrets, the application of temporary bans involving theft of business secrets, and the adjustment of the rules on starting criminal investigations.

完善药品知识产权保护制度。2020年10月，全国人民代表大会常委会审议通过关于修改专利法的决定，增加了关于药品专利纠纷早期解决机制、专利权期限补偿制度的相关规定。2021年7月，国家药监局、国家知识产权局联合发布《药品专利纠纷早期解决机制实施办法（试行）》，国家知识产权局发布《药品专利纠纷早期解决机制行政裁决办法》，最高人民法院发布《关于审理申请注册的药品相关的专利权纠纷民事案件适用法律若干问题的规定》，建立药品专利纠纷早期解决机制，保障制度有效落地实施。2023年12月，国务院公布关于修改专利法实施细则的决定，国家知识产权局同步完成专利审查指南修改，就专利权期限补偿制度作出细化规定。此外，国家知识产权局在2021年完成的专利审查指南修改中，进一步完善了补交实验数据的相关内容。
Improving the system for protection of pharmaceutical-related intellectual property. In October 2020, the NPC Standing Committee deliberated and passed a decision to amend the Patent Law, with additional stipulations as to the mechanism for early resolution of pharmaceutical patent disputes, and patent term extension (PTE) for inventions. In July 2021, the National Medical Products Administration and the China National Intellectual Property Administration (CNIPA) jointly issued the Implementation Measures for the Early Resolution Mechanism for Pharmaceutical Patent Disputes (Trial), the CNIPA released the Administrative Adjudication Measures for the Early Resolution Mechanism for Pharmaceutical Patent Disputes, and the Supreme People’s Court issued the Regulations on the Application of Laws on Civil Cases of Patent Disputes Involving Pharmaceuticals Applying for Registration, which help establish the early resolution mechanism for pharmaceutical patent disputes and ensure the effective implementation of relevant measures. In December 2023, the State Council issued the decision to amend the Rules for the Implementation of the Patent Law. In conjunction with this, the CNIPA completed changes to the Patent Review Guide. They further detailed the provisions for PTE for inventions. In addition, the CNIPA also refined provisions for late submission of laboratory data in the 2021 amendments to the Patent Review Guide.

完善商标和地理标志保护制度。2019年4月，全国人民代表大会常委会审议通过关于修改商标法的决定，增加了规制商标恶意注册有关内容，加大对侵犯商标专用权的惩罚力度，大幅度提高了假冒注册商标行为人的违法成本。此后，国家知识产权局先后制定出台《规范商标申请注册行为若干规定》《商标侵权判断标准》《商标一般违法判断标准》等规定，持续打击商标恶意注册申请。2023年12月，国家知识产权局制定发布《地理标志产品保护办法》《集体商标、证明商标注册和管理规定》，进一步完善了地理标志保护的法律规则。
Improving the protection of trademarks and geographical indications. In April 2019, the NPC Standing Committee passed a decision to amend the Trademark Law, which added provisions to regulate malicious trademark registration, and increased the penalties for infringement of exclusive trademark rights, thereby substantially raising the legal penalties for those who counterfeit registered trademarks. Subsequently, the CNIPA formulated and issued the Provisions on Regulating Applications for Trademark Registration, the Criteria for Determining Trademark Infringement, and the Criteria for Judging Trademark General Violations. These measures aimed to combat vexatious trademark registration applications. In December 2023, the CNIPA formulated and released the Measures for the Protection of Geographical Indication Products, and the Regulations on the Registration and Management of Collective Trademarks and Certification Trademarks, further refining the legal framework for protecting geographical indications.

积极推动中美知识产权交流合作。与美方知识产权主管部门通过磋商工作计划、签署合作谅解备忘录等形式，深化在知识产权审查、专家交流、意识提升等各技术领域的互惠务实合作。以积极开放的态度与美资企业保持良好的沟通交流，倾听对于中国知识产权制度的意见和建议，协调解决企业在华的知识产权合理诉求。
Actively promoting intellectual property exchanges and cooperation with the US. Efforts have been made to expand mutually beneficial and pragmatic cooperation with the US intellectual property authorities in various technical areas including intellectual property reviews, expert exchanges, and public awareness through mechanisms such as consultative work plans and the signing of MoUs. A proactive and open approach has been maintained in communication with American enterprises, with attentive consideration given to their opinions and suggestions regarding China’s intellectual property system, and great coordination made to address their reasonable concerns about intellectual property in China.

加大力度打击网络侵权。2020年9月，最高人民法院发布《关于审理涉电子商务平台知识产权民事案件的指导意见》和《关于涉网络知识产权侵权纠纷几个法律适用问题的批复》，涉及快速下架、通知和反通知有效性等问题。2020年11月，全国人民代表大会常务委员会通过著作权法修正案，包括增加对著作权侵权的民事救济等条款。2021年8月，市场监管总局发布《关于修改〈中华人民共和国电子商务法〉的决定（征求意见稿）》，修改通知和下架制度的程序和处罚条款。
Launching a stronger fight against cyber infringement. In September 2020, the Supreme People’s Court issued the Decision on the Trial of Civil Intellectual Property Cases Involving E-commerce Platforms and the Reply to the Application of Laws on Cyber Intellectual Property Infringement Disputes, which provided provisions on the effectiveness of instant takedown, notice, and counter-notice. In November 2020, the NPC Standing Committee adopted the amendments to the Copyright Law, with additional provisions on civil assistance to copyright infringement. In August 2021, the State Administration for Market Regulation published the draft Decision on Revising the Electronic Commerce Law of the People’s Republic of China to solicit public feedback, which carried articles related to the procedures for notice and takedown and relevant penalties.

加强知识产权执法。2020年8月，市场监管总局等发布《关于加强侵权假冒商品销毁工作的意见》，国务院修改《行政执法机关移送涉嫌犯罪案件的规定》，要求涉及知识产权犯罪案件由行政执法机关移送公安机关。中方还不断加强侵权假冒执法行动。2024年，市场监管部门组织开展知识产权执法等专项行动，进一步加强重点领域、重点商品、重点市场治理，各类专项行动共查处案件近67.5万件，其中商标侵权、假冒专利案件4.39万件，针对侵权假冒高发多发的重点实体市场开展执法行动约8.8万次。海关总署进一步加强知识产权保护执法力度，以专项行动为抓手，在进出口环节保持打击侵权高压态势，全年扣留侵权嫌疑货物4.16万批、8160.51万件。
Strengthening intellectual property-related law enforcement. In August 2020, the State Administration for Market Regulation and some other government departments issued the Decision on Strengthening the Destruction of Infringed and Counterfeit Goods, and the State Council revised the Provisions on Reference of Suspected Criminal Cases by Administrative Law-enforcement Bodies. Both documents required that administrative law-enforcement bodies transfer suspected criminal cases involving intellectual property rights to the public security bodies.

China has strengthened law enforcement against intellectual property infringement and counterfeit goods. In 2024, its market supervision departments launched special initiatives dedicated to intellectual property protection involving key fields, key products, and key markets. They investigated nearly 675,000 cases, including 43,900 cases of trademark infringement and counterfeit patent, and conducted about 88,000 law enforcement activities targeting key markets prone to frequent infringement and counterfeit goods. The General Administration of Customs of China has reinforced its law enforcement on intellectual property protection, utilizing targeted campaigns to maintain a robust stance against infringements in import and export. In 2024, this resulted in the detention of 41,600 shipments suspected of intellectual property violations, totaling 81.6 million items.

（二）禁止强制技术转让
2. China Has Prohibited Forced Technology Transfer

中方坚决反对任何形式的强制技术转让，始终以互利共赢作为基本价值取向开展国际技术合作，鼓励和尊重中外企业按照市场原则自愿开展技术转让和许可，为中外技术持有者通过技术转让与许可获得收益提供良好市场环境，也为促进全球科技进步和国际经贸发展提供支撑。美方将外商投资企业与中国企业进行技术合作，共同在中国市场上获得商业回报的自愿契约行为称为“强制技术转让”，与事实不符。
China opposes forced technology transfer in any form. It considers mutually beneficial cooperation to be a basic value in international technological cooperation, encourages and respects transfer and licensing of technology by Chinese and foreign enterprises on voluntary terms and under market principles, provides an enabling market environment for Chinese and foreign technology holders to receive benefits from transfer and licensing of technology, and provides support for global scientific and technological progress and international economic and trade development.

The US side has described it as “forced technology transfer” when foreign-invested ventures and Chinese enterprises contract voluntarily to seek technological cooperation and share commercial returns from the Chinese market. That does not tally with reality on the ground.

从法律层面明确禁止强制技术转让。2019年3月出台的外商投资法规定，“行政机关及其工作人员不得利用行政手段强制转让技术”。2019年4月修订发布的行政许可法规定，“行政机关及其工作人员不得在实施行政许可过程中，直接或者间接要求转让技术”。2019年12月出台的外商投资法实施条例进一步细化上述规定，禁止任何形式的强制技术转让。
Imposing legal prohibitions on forced technology transfer. The Foreign Investment Law, promulgated in March 2019, states, “No administrative department or its staff member shall force any transfer of technology by administrative means.” The Administrative License Law, promulgated with revisions in April 2019, states, “An administrative agency and its staff shall not directly or indirectly require transfer of technology in the process of issuance of an administrative license.” The Regulations for the Implementation of the Foreign Investment Law, promulgated in December 2019, specifies that forced technology transfer in any form must be prohibited.

全面强化行政机关及工作人员保密责任。中国法律明确规定，行政机关及其工作人员应当对履职过程中知悉的外国投资者、外商投资企业的商业秘密予以保密。外商投资法规定，“行政机关及其工作人员对于履行职责过程中知悉的外国投资者、外商投资企业的商业秘密，应当依法予以保密，不得泄露或者非法向他人提供”；行政机关工作人员“泄露、非法向他人提供履行职责过程中知悉的商业秘密的，依法给予处分；构成犯罪的，依法追究刑事责任”。行政许可法也就此作出了类似规定。
Strengthening confidentiality obligations for administrative departments and staff. Chinese laws have definite stipulations that administrative departments and their staff must keep confidential any business secrets of foreign investors or foreign-funded enterprises that they get to know while performing their duties.

The Foreign Investment Law states, “Administrative departments and their staff shall keep confidential any business secrets of foreign investors or foreign-funded enterprises that they get to know during the performance of their duties and shall not divulge or illegally provide to others the secrets.” It also states that when a staff member of an administrative department “divulges or illegally provides to others any business secret he or she gets to know during the performance of duties, a penalty will be imposed upon him or her in accordance with the law; if a crime is constituted, he or she will be held criminally liable”. Similar stipulations are found in the Administrative License Law.

不断扩大市场开放和投资准入。中方坚持优化市场环境，扩大外资投资准入，增加外国企业在中国投资的选择权、自由度，为外国企业自愿按照市场原则与中国企业开展技术合作创造了良好条件。中方确立外资准入前国民待遇加负面清单管理制度，以方便快捷的信息报告制度代替了外商投资企业设立及变更“逐案审批”制度。中方还连续推出系列鼓励外资投资举措，持续完善外商投资环境。2024年，中共中央办公厅、国务院办公厅发布《关于完善市场准入制度的意见》，要求“加强内外资准入政策调整协同，在不减损现有经营主体准入机会的前提下，坚持国民待遇原则”，在中央层面进一步完善市场准入制度建设、优化准入环境、提升市场准入效率。
Opening the market wider with greater investment access. China has continued to improve its market environment, granted foreign investment greater access, and offered greater options and freedom for foreign enterprises to invest in China, which has created favorable conditions for foreign enterprises to conduct technological cooperation with Chinese partners on a voluntary basis and under market principles.

China has introduced a management system based on pre-establishment national treatment and a negative list and replaced the old practice of case by case approval for the establishment and modification of foreign-invested businesses with the new practice of convenient and efficient information reporting. It has rolled out a series of measures to encourage foreign investment and improve the environment for foreign investment.

In 2024, the General Office of the CPC Central Committee and the General Office of the State Council issued the Decision on Improving the Market Access System, requiring coordination and alignment of policies on domestic and foreign investment access and granting national treatment while not reducing the access opportunities of existing business entities. China has refined the market access system, optimized the market access environment, and improved the efficiency of market access.

（三）扩大食品和农产品市场准入
3. China Has Granted Greater Access to Food and Agricultural Products

农产品是中美双边贸易的重要内容，关系两国众多的市场主体。中方克服疫情困难信守承诺，扩大农产品采购。2020年11月美国政府发布报告，认为美对华农产品出口已恢复正常。美农业部和贸易代表办公室2020年发布评估报告，认为中美第一阶段经贸协议正在为美国农业带来历史性成果。
Agricultural products constitute an important part of bilateral trade and involve extensive market entities on both sides. China honored the Agreement and increased its purchase of agricultural products despite the difficulties brought by Covid-19. In November 2020, the US government released a report, confirming that US exports of agricultural products to China had returned to normal. The 2020 evaluation report published by the US Department of Agriculture (USDA) and Office of the United States Trade Representative also hailed the Agreement as a historic step for American agriculture.

按照协议规定，自2020年2月起，中方对美国部分农产品发布解禁公告，有条件恢复美牛肉、禽类、乳制品等贸易。具体包括：有条件解除对美国30月龄及以上牛肉及牛肉产品的禁令，允许超600家美国企业对华出口牛肉产品；解除对美国含反刍动物成分宠物食品、禽类和禽类产品进口限制，允许符合中国法律法规要求的美国含反刍动物成分宠物食品以及禽类产品进口；允许美国超300家企业对华出口婴儿配方乳粉、巴氏杀菌乳和其他乳制品；完成美国食用乳渗透物粉的审批，允许美国食用乳渗透物粉进口；通过签署检疫准入协议，允许美国加工用马铃薯、鳄梨、油桃、蓝莓、大麦、苜蓿颗粒和草块、扁桃壳颗粒以及梯牧草干草等8种产品对华出口。
In line with the Agreement, since February 2020, China has removed import restrictions for specific US agricultural products, and conditionally resumed trade in US beef, poultry, and dairy products. In accordance with specified conditions, China has:

• conditionally lifted the ban on beef and beef products from cattle 30 months of age and older and allowed more than 600 US enterprises to export beef products to China;
• removed the import limits on US pet food containing ruminant ingredients, poultry, and poultry products and allowed the import of US pet food containing ruminant ingredients and poultry products that meet China’s legal and regulatory requirements;
• allowed more than 300 US enterprises to export infant formula, pasteurized milk, and other dairy products to China;
• completed the approval process for US dairy permeate powder and allowed the import of US dairy permeate powder;
• permitted, through the signing of inspection and quarantine agreements, the import of eight US products – processing potatoes, avocados, nectarines, blueberries, barley, alfalfa pellets and hay blocks, almond kernel pellets, and timothy hay.

（四）扩大金融服务业市场准入
4. China Has Expanded Market Access to Financial Services

中方自主开放政策惠及包括美资在内的各国金融机构，多家美资金融机构顺利准入并展业。摩根大通、高盛在华设立外商独资证券公司，摩根士丹利获得其在华合资证券公司控股权（持股94%）。摩根大通期货、摩根士丹利期货成为外资全资控股期货公司。贝莱德、富达、路博迈、摩根大通、摩根士丹利、联博等获批设立外商独资基金管理公司。标普、惠誉等国际评级公司进入中国市场开展评级业务。美国运通和万事达卡在华合资子公司连通公司和万事网联获批银行卡清算业务许可，均已顺利开业。
China’s voluntary opening policies have benefited financial institutions from all countries including the US, and a number of US financial institutions have obtained access and commenced operations in China. JPMorgan and Goldman Sachs have established wholly foreign-funded securities companies in China, and Morgan Stanley has gained 94 percent of its joint-venture securities company in China. JPMorgan Futures and Morgan Stanley Futures are both wholly foreign-owned futures companies. BlackRock, Fidelity, Neuberger Berman, JPMorgan, Morgan Stanley, and Alliance Bernstein have been allowed to establish wholly foreign-owned fund management companies in China. Standard & Poor’s, Fitch, and other international rating companies have commenced operations in China. American Express and MasterCard have both set up joint ventures in China, which started operation upon receiving their bank card clearing license.

中方陆续推出超过50条金融业自主开放措施，大幅放宽金融服务业外资市场准入限制。
China has so far adopted more than 50 measures on voluntary opening up of the financial sector and greatly eased the market access limits on foreign investment in financial services.

——完全取消外资持股比例限制。2018年，取消中资银行和金融资产管理公司外资持股比例限制，实施内外资一致的股权投资比例规则。《外商投资证券公司管理办法》《外商投资期货公司管理办法》《外资保险公司管理条例实施细则》等法律先后修订，将证券、基金管理、期货、人身险领域外资持股比例上限放宽至51%，2020年起不再设限。明确允许外资进入征信、评级、支付等领域，并给予国民待遇。
– Removing all equity shareholding limits on foreign investment. In 2018, China removed the foreign equity caps in Chinese-funded banks and financial asset management companies, giving equal treatment to domestic investment and foreign investment regarding equity shareholdings.

The Methods for Management of Foreign-funded Securities Companies, Methods for Management of Foreign-funded Futures Companies, and Methods for Management of Foreign-funded Insurance Companies have been amended, allowing as much as 51 percent ownership to foreign investment in the sectors of securities, fund management, futures, and life insurance, and no cap was set from the year 2020 on. Foreign investments are allowed to supply credit checking, credit rating, and payment services, and enjoy national treatment.

——大幅扩大外资业务范围。允许外国银行开业即可开展人民币业务。不再对外资证券公司和保险经纪公司业务范围单独设限，实现内外资一致。允许外资经营保险代理业务和保险公估业务。放宽外资机构获得非金融企业债务融资工具主承销商、基金托管等具体业务资质的要求。
– Greatly expanding the business scope of foreign investment. Foreign banks are allowed to provide RMB business upon their inauguration in China. There is no separate limit on the business scope of foreign-funded securities companies and insurance agencies, with equal treatment for domestic and foreign companies. Foreign-funded enterprises are allowed to provide insurance agency and insurance appraisal services. The requirements for professional qualifications of foreign-funded agencies have been relaxed when they apply to become main underwriters of the debt financing instruments for non-financial enterprises and to provide fund custody services.

——放宽外资股东资质要求。取消外国银行来华设立法人银行的100亿美元总资产要求和外国银行来华设立分行的200亿美元总资产要求，取消外资保险机构准入需开设2年代表处和30年经营年限的要求等，不再要求合资证券公司境内股东至少有一家是证券公司。
– Relaxing the requirements for the qualifications of foreign shareholders. China has eliminated the previous requirements that foreign banks must have US$10 billion of total assets if they are to open legal person banks in China and have US$20 billion of total assets if they are to set up branches in China, and the requirements that foreign insurance agencies must have two years of representative office presence in China and 30 years of insurance business operations if they are to enter the Chinese market. It no longer demands that joint venture securities firms must have at least one securities company as their shareholder in China.

（五）保持人民币汇率在合理均衡水平上基本稳定
5. China Has Maintained Basic Stability in the RMB Exchange Rate at an Adaptive, Balanced Level

中国维护多边主义、尊重多边共识，一直恪守多边承诺，不搞竞争性贬值，实行以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度，履行了协议约定。
China safeguards multilateralism and respects multilateral consensus. It has honored its multilateral commitments and refrained from competitive devaluation. It has also honored the Agreement and put in place a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies.

坚持市场化汇率改革方向。不断完善人民币汇率市场化形成机制。坚持汇率主要由市场供求决定，退出常态化外汇干预。有序扩大汇率浮动区间，增强人民币汇率弹性，银行间即期外汇市场人民币兑美元交易价日浮动幅度从2007年的千分之三逐步扩大至目前的百分之二。提高汇率中间价报价的规则性和市场化水平，由外汇市场主要参与银行作为报价行，参考上日银行间外汇市场收盘汇率，综合考虑外汇供求情况以及国际主要货币汇率变化进行报价。
Carrying out market-based exchange rate reform. China has constantly improved the market-based RMB exchange rate formation regime. China holds that the exchange rate should be mainly determined by market demand and supply, and refrains from routine intervention in foreign exchange.

It has expanded the exchange rate band in an orderly manner to increase the flexibility of the RMB exchange rate. The daily floating exchange range of RMB to US dollar in the inter-bank spot foreign exchange market gradually grew from 0.3 percent in 2007 to 2 percent.

It has worked to make the central parity rate regular and market-based. It takes the major participating banks in the foreign exchange market as the quoting banks, and gives full consideration to the closing price of the previous day in the inter-bank foreign exchange market before offering its quotation, to the demand and supply conditions in the foreign exchange market, and to the exchange rate movement of the major currencies.

持续深化外汇市场发展。出台多项措施提高涉外企业和个人跨境贸易投融资便利化，丰富外汇市场产品体系，扩展外汇市场参与主体，推进外汇市场对外开放，完善外汇市场基础设施，逐渐形成了功能完善的多层次外汇市场体系，市场主体多元化外汇需求得到更好满足。目前，中国银行间外汇市场可交易货币超过40种，交易品种涵盖远期、外汇掉期、货币掉期和期权等国际外汇市场主流产品体系，2024年银行间外汇市场交易量达41.14万亿美元。外汇市场韧性显著增强，市场参与者适应人民币汇率双向波动的能力不断提升。2024年，企业利用远期、期权等外汇衍生品管理汇率风险的外汇套期保值比例达到27%。
Promoting the growth of the foreign exchange market. China has adopted a number of measures to facilitate the investment and financing of foreign-related enterprises and individuals in cross-border trade, provided more products in the foreign exchange market, increased participating entities in the market, advanced the opening of the foreign exchange market, and improved relevant infrastructure. A multi-tiered foreign exchange market with comprehensive functions is therefore taking shape, and the diverse foreign exchange needs of the market entities can be satisfied.

China’s inter-bank foreign exchange market now has more than 40 tradable currencies, involving forwards, foreign exchange swaps, currency swaps, options, and other mainstream products in the international foreign exchange market. The inter-bank foreign exchange market reported a trading volume of US$41.14 trillion in 2024. The foreign exchange market has more resilience, and the market players have greater adaptability to the two-way fluctuation in the RMB exchange rate. In 2024, the proportion of enterprises using forward exchanges, options, and other foreign exchange derivatives to hedge exchange rate risks reached 27 percent.

汇率政策立场清晰透明。通过新闻发布会、货币政策委员会例会会议纪要、货币政策执行报告等多种途径，明确宣示中国货币政策立场。按照国际惯例，定期公布央行资产负债表、外汇储备规模、国际收支平衡表、国际投资头寸表等数据，提高汇率政策的透明度。
Maintaining a clear and transparent policy stance on the exchange rate. Through holding press conferences and releasing minutes of regular meetings of the monetary policy committee and the Implementation Report of the Monetary Policies, China has made public its monetary policy stance. It has followed good international practice and regularly publicized the balance sheet of its central bank, foreign exchange reserves, balance sheet of international receipts and payments, and international investment positions to increase the transparency of its exchange rate policy.

人民币汇率市场化改革成效显著。人民币汇率市场化水平不断提高，汇率弹性不断增强，双向波动成为常态。人民币汇率在合理均衡水平上保持了基本稳定，中国国际收支更趋平衡。2020年以来，衡量人民币对一篮子货币汇率的中国外汇交易中心人民币汇率指数总体运行在100附近，在国际主要货币中保持相对强势，不存在竞争性贬值。人民币汇率年化波动率保持在3%－4%左右，与国际主要货币波动率基本相当，较好发挥了宏观经济和国际收支自动稳定器的作用。2024年中国的经常项目顺差占国内生产总值的比例为2.2%，处于国际公认的合理范围内。
Making notable progress in market-based RMB exchange rate reform. The RMB exchange rate has become more market-based, the exchange rate has greater flexibility, and two-way fluctuation has become a norm. The RMB exchange rate has remained generally stable at an adaptive, balanced level, and China has kept a basic balance of international payment.

Since 2020, the China Foreign Exchange Trade System, which is responsible for measuring the exchange rate of the RMB to a basket of currencies, has reported an RMB exchange rate index of around 100, which is quite strong among the major currencies in the world and shows no competitive devaluation. The annual fluctuation of the RMB exchange rate remains at 3 percent to 4 percent, similar to the fluctuation changes of major global currencies. This plays a sound role of an automatic stabilizer to the macro economy and the international balance of payments. In 2024, China’s current account surplus represented 2.2 percent of its GDP, which is within the range generally recognized as reasonable.

（六）积极扩大贸易规模
6. China Has Actively Expanded the Scale of Trade

中方结合国内市场需要，基于市场化、商业化原则和世界贸易组织规则，积极推进解决协议执行过程中的问题，支持相关企业扩大自美进口，相关协议采购义务已于2021年底自然到期。
China has proactively addressed issues in the implementation of the Agreement based on domestic market needs, commercial principles, and WTO rules. It supports Chinese enterprises in expanding imports from the US. The procurement obligations under the Agreement expired naturally at the end of 2021.

对美加征关税商品市场化采购排除。中方根据境内企业申请，对符合条件、按市场化和商业化原则自美采购的进口商品，一定时期内不再加征对美301措施反制关税，为相关企业自美进口创造便利条件。比如，将油气、煤炭等纳入可申请排除的商品范围，支持相关企业自美进口相关能源产品。2020年、2021年中方以美元计价的自美能源产品进口额比上年分别增长144.5%、114.7%。
Exempting eligible US products from additional tariffs. On application from domestic enterprises, for a certain period China has exempted eligible US imports from additional tariffs imposed in response to US Section 301 measures, based on market and commercial principles. These measures have facilitated imports from the US for relevant enterprises. For instance, by incorporating oil, gas, and coal into the eligible commodity exemption application range, China has enabled companies to import these energy products from the US. In 2020 and 2021, China’s imports of American energy-related products, denominated in US dollars, increased by 144.5 percent and 114.7 percent.

中方扩大自美进口取得了积极成效。根据中方统计，2020年在中方以美元计价的整体商品进口比上年下降0.6%的情况下，自美货物进口实现了10.1%的增长；2021年自美货物进口比上年增长31.9%、也高于30%的整体进口增速；自美货物进口额占中方货物进口总额比重由2019年的5.9%提高至2021年的6.7%。根据美方统计，2020年在美方整体货物出口比上年下降13.4%的情况下，对华货物出口增长15.9%；2021年对华货物出口也实现了21.9%的高增长；对华货物出口额占美方货物出口总额比重由2019年的6.5%提高至2021年的8.6%。
Making significant progress in expanding imports from the US. According to Chinese statistics, while China’s overall imports of goods denominated in US dollars decreased by 0.6 percent year on year in 2020, imports from the US saw an increase of 10.1 percent. In 2021, imports of goods from the US rose by 31.9 percent year on year, outpacing the overall import growth of 30 percent. The proportion of US goods in China’s total imports increased from 5.9 percent in 2019 to 6.7 percent in 2021. According to US statistics, while US overall exports of goods declined by 13.4 percent in 2020, exports to China grew by 15.9 percent. In 2021, exports of goods to China also achieved a strong growth rate of 21.9 percent. The proportion of US goods exports to China increased from 6.5 percent in 2019 to 8.6 percent in 2021.

在中方履约过程中，面临因美方原因导致的多重障碍。美相关产品产能有限，对华出口能力不足。2020年，美国波音公司飞机产量仅相当于2019年的40%左右，对中方的交付带来较大影响。2019年度美国小麦在生长及收获期遭遇不利天气，出现了较为严重的麦角和呕吐毒素超标问题，符合中方食品卫生及检疫标准的小麦数量有限，影响了2020年的对华小麦出口。
China’s performance of its obligations under the Agreement has encountered multiple obstacles caused by the US. Limited US production capacity hindered exports to China. In 2020, Boeing’s aircraft production was only about 40 percent of its 2019 output, which significantly impacted deliveries to China. In 2019, adverse weather conditions during the growing and harvesting seasons in the US led to significant issues with excessive levels of ergot and vomitoxin in wheat. As a result, the quantity of wheat meeting Chinese food safety and quarantine standards was limited, which negatively impacted US wheat exports to China in 2020.

美基础设施不足导致运输成本增加。例如，美墨西哥湾港口大多无法直接靠泊超大型油轮（30万吨VLCC），需中型油轮（10－20万吨）转运加注，导致美原油运输至中国成本较中东高出2倍，价格国际竞争力相对较弱。
Inadequate infrastructure has contributed to elevated transport costs. For instance, most US ports in the Gulf of Mexico cannot directly accommodate very large crude carriers of 300,000 tonnes and need medium-sized oil tankers (100,000 to 200,000 tonnes) for transshipment and refueling. This results in US crude oil transport costs to China tripling those from the Middle East, weakening its international price competitiveness.

美方部分产品在价格、安全等方面竞争力不强，影响中方企业市场化进口意愿。相较于美国大豆，南美大豆价格优势更为明显；美国牛肉价格较南美高50%左右；美国大米在质量、外观、口感、价格等方面相对于东南亚相关国家大米的竞争力不强，2020年2月美国大米进口价格比泰国米、越南米每吨分别高出3000元、3500元左右。再比如，2018年、2019年波音主力机型B737MAX接连发生坠机等严重事故，包括中国、美国在内的全球大部分国家均对此机型采取了停飞措施，对飞机贸易造成了较大影响。
The limited competitiveness of certain US products in terms of price and safety reduced the willingness of China’s enterprises to import them on a market-driven basis. US soybeans are at a price disadvantage compared to South American soybeans; US beef is significantly more expensive (roughly 50 percent higher than South American beef); US rice can hardly compete with Southeast Asian rice in terms of quality, appearance, taste, and price. In February 2020, the import price of US rice was about RMB3,000 higher than Thai rice per tonne, and RMB3,500 higher than Vietnamese rice per tonne. In another example, in 2018 and 2019, Boeing’s main aircraft model, the 737 MAX, was involved in multiple major accidents. In response, most countries worldwide, including China and the US, grounded the aircraft model, dealing a significant blow to the aviation trade.

美方原因导致中美国际物流受到影响。美国港口等基础设施处于紧平衡状态，受疫情影响，铁路、港口、集装箱卡车等供应链诸多环节难以适应，美国主要港口出现严重拥堵，且内陆集疏运体系发生梗阻，造成货物大量积压。根据上海航运交易所公布的全球主要集装箱港口运行数据，2021年，美国洛杉矶港、长滩港的集装箱船舶平均在港时间（包括锚地待泊和码头作业时间）分别为11.1天和10.6天（疫情前分别为4.3天和4.7天），同期中国上海港、深圳港的船舶平均在港时间分别只有2.96天和2.33天。
The US side has caused the disruption of China-US international logistics. Ports and other infrastructure in the US were already in a tight balance. With the impact of Covid-19, various supply chain links such as railways, ports and container trucks struggled to adapt, leading to severe congestion at major US ports and blockages in the inland transport network, resulting in a significant buildup of goods. According to the global major container port operation data released by the Shanghai Shipping Exchange, in 2021, the average duration of container vessel port stays at the Ports of Los Angeles and Long Beach (including both anchorage dwell time and quay operations) was 11.1 days and 10.6 days, (compared with 4.3 days and 4.7 days before the pandemic), while the average duration at Shanghai Port and Shenzhen Port in China during the same period was only 2.96 days and 2.33 days.

（七）就协议事项与美方保持务实沟通
7. China Has Maintained Pragmatic Communication with the US Regarding Agreement Issues

2020年至2021年，中方在各层级与美方就双边经贸关系、协议执行具体问题保持密切沟通，高效推进相关工作，充分体现了中方履约诚意。双方在上述时期内未启动争端解决机制。根据协议约定，高层沟通方面，中美双方先后进行6次通话，就宏观经济形势、双边经贸关系、多双边合作等议题进行交流，整体把握协议情况。日常工作方面，中美双方举行5次副部级季度会议、14次司局级月度会议和磋商，重点就扩大贸易、食品和农产品贸易、知识产权、金融服务等事项进行沟通，并通过工作层会谈和电子邮件方式保持常态性联系，具体推动双方关切问题的解决。
In 2020 and 2021, China maintained close communication with the US at all levels on bilateral economic and trade relations and specific issues regarding the implementation of the Agreement, and efficiently advanced implementation work, fully demonstrating China’s commitment to fulfilling the Agreement. During this period, neither side initiated the dispute resolution mechanism. In accordance with the stipulations of the Agreement, in terms of high-level communication, six phone calls were conducted between China and the US to exchange views on macroeconomic issues, bilateral economic and trade relations, and multilateral and bilateral cooperation, with the aim of assessing the overall implementation of the Agreement. In terms of daily work, the two sides held five vice-ministerial quarterly meetings and 14 monthly meetings and consultations at the director-general level, dealing with implementation of the Agreement, particularly related to matters such as expanding trade, trade of food and agricultural products, intellectual property rights, and financial services. They also maintained regular communication through working-level talks and email exchanges to address issues of mutual concern.

根据协议约定，协议于2020年2月15日正式生效。同时，中方为实施协议所拟采取的所有建议措施均提供了不少于45天的公众评论期，充分吸收国内外意见建议，妥善回应各界合理诉求关切。
In line with its provisions, the Agreement officially came into effect on February 15, 2020. Meanwhile, China provided a public comment period of over 45 days for all the proposed measures, fully accommodating both domestic and international feedback, and appropriately addressing the reasonable concerns and requests of all parties.

三、美方违反中美第一阶段经贸协议有关义务
III. The US Side Has Failed to Meet Its Obligations Under the Phase One Economic and Trade Agreement

中美第一阶段经贸协议签署后，美方持续升级对华经贸及其他领域遏压，出台出口管制、投资限制等一系列对华打压限制措施，违反协议精神。同时，美方持续炒作人权、涉港、涉台、涉疆、疫情等议题，剧烈冲击中美关系和中美经贸关系，阻碍双边正常贸易和投资活动，破坏协议执行的氛围与条件。
Since signing the Phase One Economic and Trade Agreement (hereinafter referred to as the Agreement), the US has systematically escalated economic and other forms of pressure against China, implementing a series of restrictive measures such as export controls and investment restrictions that repudiate the spirit of the Agreement. Concurrently, the US has promoted false narratives related to human rights, Hong Kong, Taiwan, Xinjiang and the pandemic. These actions have done serious damage to China-US ties as well as economic and trade relations, and disrupted normal trade and investment activities, and significantly undermined the conditions necessary for the implementation of the Agreement.

（一）未落实协议技术转让章承诺
1. The US Has Failed to Implement Agreement Commitments on Technology Transfer

协议技术转让章规定，“对于收购、合资或其他投资交易，任何一方都不得要求或施压对方个人向己方个人转让技术”。美国出台《保护美国人免受外国对手控制应用程序影响法》，以所谓“保护美国国家安全”为借口，强制要求TikTok出售、剥离，干涉企业正常运营，威胁投资者技术安全和商业利益。美方违背市场经济基本原则，不尊重并损害了企业正当合法利益。
On technology transfer, the Agreement stipulated, “Neither Party shall require or pressure persons of the other Party to transfer technology to its persons in relation to acquisitions, joint ventures, or other investment transactions.” The US adopted the Protecting Americans from Foreign Adversary Controlled Applications Act. Under the pretext of protecting US national security, the US has tried to force TikTok to sell off or divest its business. It has interfered with its normal operation and threatened the technological security and commercial interests of the investors. The US has disregarded and undermined the just and legitimate interests of enterprises and violated the basic principles of the market economy.

同时，美方以维护“国家安全”为名，发布对外投资限制规则，限制美国企业正常对外投资，导致中美两国企业在半导体和微电子、量子信息技术、人工智能等领域的投资合作难以顺利进行。2025年2月，美国还发布“美国第一”投资政策备忘录，宣布将调整美投资政策，重点进一步限制与中国的双向投资，将对中美投资合作造成严重干扰。
At the same time, in the name of protecting national security, the US has released rules to control outbound investment restricting US enterprises from investing abroad, which has obstructed investment cooperation between Chinese and US enterprises in semiconductors and microelectronics, quantum information technology, artificial intelligence (AI), and other fields. In February 2025, the US unveiled a Memorandum on America First Investment Policy and announced that it would adjust its investment policies, with the focus on further limiting two-way investment with China, which will create serious disruption to China-US investment cooperation.

（二）未完全落实协议食品和农产品贸易章承诺
2. The US Has Failed to Fully Implement Agreement Commitments on Trade in Food and Agricultural Products

协议规定，“在收到中国关于评估中国禽类疫病无疫区认定的正式要求及相关配套信息后，美国农业部动植物卫生检疫局应在30日内启动该项评估。”但美方始终以不符合美国无疫状态认可要求为由，不认可山东无高致病性禽流感区无疫状态。2020年11月2日，中方已正式将《胶东半岛无高致病性禽流感区无疫认证材料》提交美方。根据世界动物卫生组织《陆生动物卫生法典》10.4章，一个国家或地区实现禽流感无疫状态的途径包括免疫和非免疫。2022年8月，中国山东全省建成无高致病性禽流感区，其建设和管理均符合《陆生动物卫生法典》相关规定。自建成以来，中方持续开展包括病原学在内的各类监测工作，能够证明其维持无疫状态。中方也已切实履行协议，认可了美国无疫状态，在发生疫情后不再对美国输华家禽及禽产品发布全面贸易禁令。但美方以高致病性禽流感免疫无疫区不属于无疫区为由，拒绝开展无疫状态认证，此举未对等履行协议，也不符合世界动物卫生组织关于禽流感无疫状态相关原则。
The Agreement stipulated, “Within 30 days following receipt from China of a formal request for an evaluation of a region of China for avian disease free recognition and a completed information package to support such a request, the USDA’s Animal and Plant Health Inspection Service shall initiate such an evaluation.” However, the US side has refused to recognize Shandong’s status as free from highly pathogenic avian influenza (HPAI), citing non-compliance with its own recognition requirements. On November 2, 2020, China submitted materials to the US to qualify Jiaodong Peninsula as a region free from HPAI. According to Chapter 10.4 of the World Organization for Animal Health (WOAH) Terrestrial Animal Health Code, a country or zone may demonstrate freedom from avian influenza through either immune-based strategies or non-immune measures. By August 2022, China’s Shandong Province as a whole had become a region free of HPAI, with all development and management complying with the regulations in the Terrestrial Animal Health Code. Since then, China has conducted continuous monitoring including pathogenic monitoring that can prove that the province has remained free of avian disease.

China has also scrupulously honored the Agreement and recognized the US as avian disease free. It has eased the overall trade ban on US export of poultry and poultry products to China since the Covid-19 outbreak. But the US side has refused to conduct disease-free status certification on the grounds that a HPAI-vaccinated avian influenza free zone is not considered a disease-free zone. This constitutes a failure to reciprocally fulfill the Agreement and is also inconsistent with the WOAH principles regarding avian influenza-free status.

协议规定，“双方有意在与农药相关的潜在合作领域进行技术磋商，包括农药登记和试验数据，及讨论最大残留限量制定”，但美方未对中方提出的共同推进农药领域合作作出积极回应。中国是美国农药进口第一大来源地，美国是中国第二大农药出口市场，尽早实现农药登记试验数据互认，符合贸易便利化需求，可以减少不必要的重复性试验，降低农药登记成本，是中美双方农药企业的共同诉求，有利于促进中美农药创新发展。中方持续加强与美方沟通，争取尽早启动中美农药领域技术磋商。2020年12月以来，中方多次通过美驻华大使馆表示，希望美方尽快反馈，同中方建立沟通机制，共同推进农药领域合作，但美方始终未作出任何答复。
The Agreement stipulated, “The two sides intend to conduct technical consultations with each other on areas of potential cooperation related to pesticides for agricultural use. These consultations may include discussion of the Parties’ pesticide registration data and pesticide trial data, and discussion on the setting of maximum residue levels.” However, the US side has given no positive response to China’s request for cooperation in this field.

China is the largest source of pesticide imports to the US, and the US is China’s second-largest export market of pesticides. Realizing mutual recognition of pesticide registration data and pesticide trial data as early as possible will facilitate trade, reduce unnecessary repeated tests, and cut registration costs. It is the shared aspiration of pesticide producers in both countries, and it is favorable to innovation of pesticides in both countries.

China has maintained communication with the US in the hope of starting bilateral technical consultations in relation to pesticides as early as possible. Since December 2020, China has expressed, through the US Embassy in China, its hope that the US side will agree as soon as possible to build a mechanism with the Chinese side for communication and advancing cooperation on pesticides. But the US side has so far not given any reply.

美方在协议中承诺，尽快完成对中国产禽肉、柑橘、鲜枣、香梨等农产品的进口监管通报程序。但美方未对等给予协议所涉农产品关税排除措施，阻碍了中国农产品实质性输美。相关产品未在美方加征关税排除清单之内。2025年美方又以芬太尼等问题为由，对所有中国输美产品加征20%关税，还加征34%所谓“对等关税”，并进一步加征50%关税，导致相关产品对美出口进一步受限。中国输美水产品和乳制品被美方自动扣留。中国海关总署多次请美国食品和药物管理局尽快明确双方下一步解除自动扣留的合作方向，以便尽早推动工作，但美方始终未明确下一步解决路径。
In the Agreement, the US side agreed to complete as early as possible its regulatory notice process for the import of poultry, citrus, jujube, fragrant pear, and other agricultural products from China. However, the US side did not take reciprocal tariff exclusion measures for the agricultural products involved in the Agreement, hindering the substantive export of Chinese agricultural products to the US. Relevant products are not in the tariff exclusion list. In 2025, using the fentanyl issue as the pretext, the US decided to levy an additional 20 percent tariff on all Chinese products to be exported to the US, then a 34 percent “reciprocal tariff”, and an additional 50 percent tariff, which would further limit the export of relevant products to the US.

After Chinese aquatic and dairy products for export to the US were detained by the US side, the General Administration of Customs of China has more than once requested the US Food and Drug Administration to clarify as soon as possible how these detainments would cease so that the two sides could advance relevant work. But the US side has not put forward any concrete proposals in response.

（三）未完全落实协议金融服务、汇率相关承诺
3. The US Has Failed to Fully Implement Agreement Commitments on Financial Services and Exchange Rate Matters

近年来，美方泛化国家安全概念，出台了一系列对华投融资限制措施，加剧了中美经贸关系紧张局势，干扰了中美两国正常经贸合作，严重影响了中资金融机构在美投资展业意愿。同时，一些中资金融机构在美展业仍面临歧视性待遇，美方做法违背了公平竞争原则。
In recent years, the US has generalized the concept of national security and adopted a series of measures to restrict China-related investment and financing, which has caused tension in bilateral economic and trade relations, interrupted normal bilateral cooperation, and seriously impaired the plans of Chinese financial institutions to invest and operate in the US. At the same time, some Chinese financial institutions have faced discriminatory treatment in the US. The US practice is in violation of the rules of fair competition.

协议规定，如果双方在解决汇率问题方面出现分歧，由中国人民银行和美国财政部在磋商中建立的双边评估和争端解决安排框架下解决；如果不能解决，则请国际货币基金组织在其职责范围内协助解决。这些条款为双方解决分歧提供了明确的路线。但协议签署后，美国商务部出台新规，将汇率低估纳入反补贴调查，并在一些产品的反补贴案件中引入所谓“人民币汇率低估”项目。美方此举既不符合世界贸易组织规则，也不符合协议承诺。
According to the Agreement, if the two sides have a dispute over issues related to the exchange rate, the People’s Bank of China and the US Department of the Treasury shall seek a resolution under the Bilateral Evaluation and Dispute Resolution Arrangement established through consultations. If they fail to resolve the dispute this way, they may request help from the IMF, consistent with its mandate. These articles provide sensible pathways for resolving disputes.

But after the Agreement was signed, the USDOC laid down new rules that included exchange rate undervaluation in anti-subsidy investigations and introduced “RMB exchange rate undervaluation” in the anti-subsidy cases of some products, which contravenes both WTO rules and the Agreement.

（四）未为中方扩大采购和进口提供合理便利条件
4. The US Has Failed to Provide Adequate Measures to Facilitate China’s Efforts to Expand Procurement and Imports

美方对华出口管制、打压制裁等不合理措施，给协议执行造成严重的负面影响。2020年以来，美方违反协议精神，出台多项不合理的对华经贸限制措施，实施了一系列不恰当的对华出口管制措施，并频频通过实体清单等对大量中方企业进行无理打压制裁，严重破坏了中美经贸合作氛围，极大影响了中方自美进口相关商品和服务。例如，美国2022年10月出台措施，全面升级对华芯片、半导体设备出口管制，当年中国自美进口的半导体和半导体制造设备的金额（以美元计价）分别下降了23%和17.9%。美方捏造所谓“强迫劳动”问题，通过了“维吾尔强迫劳动预防法”，污蔑和抹黑中国企业、中国商品，限制进口中方相关棉制品，间接影响了中方相关企业自美进口棉花。
Unjustifiable measures such as export controls and sanctions against China seriously affected the implementation of the Agreement. Since 2020, the US has violated the principles of the Agreement and introduced multiple unreasonable economic and trade restrictions against China, implemented a series of inappropriate export control measures, and repeatedly imposed unjustified sanctions against a large number of Chinese enterprises through the US Entity List. These actions have severely undermined China-US economic and trade relations, resulting in a negative impact on China’s imports of goods and services from the US. For example, in October 2022, the US introduced measures to comprehensively upgrade export controls on chips and semiconductors to China. As a result, China’s imports of semiconductors and semiconductor manufacturing equipment from the US (denominated in US dollars) decreased by 23 percent and 17.9 percent in that year. The US fabricated the “forced labor” issue and adopted the Uygur Forced Labor Prevention Act, smearing and defaming Chinese enterprises and products, restricting the import of cotton products from China, which indirectly affected Chinese enterprises’ imports of cotton from the US.

近年来，在美持续对华遏制打压背景下，加之新冠疫情对全球经济和贸易活动的严重影响，事实上中方完全可以按照协议第7.4条第四款规定，书面通知美方并退出协议；也可以根据第7.6条第一款规定，与美方启动不可抗力条款磋商。但中方从维护中美关系和中美经贸关系大局、维护两国企业和民众切身利益角度出发，并未启动相关行动，而是重信守诺，克服各种困难履行协议安排，充分展现了中方的诚意。协议签署以来，美方迄未通过争端解决机制对中方提出申诉。
Considering the ongoing US efforts to contain and suppress China in recent years, coupled with the detrimental impact of the Covid-19 pandemic on the global economy and trade activities, China would have been justified in withdrawing from the Agreement pursuant to the fourth item of the Article 7.4 by providing written notice to the US. China might also, pursuant to the first item of the Article 7.6, have initiated consultations on the force majeure clause with the US side. However, with the goal of preserving order in China-US ties and China-US economic and trade relations, and safeguarding the vital interests of enterprises and the people in both countries, China has not initiated any actions. Instead, it has demonstrated its sincerity by honoring its commitments and overcoming various difficulties to fulfill the Agreement arrangements. Since the Agreement was signed, the US has not to date initiated any dispute settlement proceedings against China.

四、中国践行自由贸易理念，认真遵守世界贸易组织规则
IV. China Upholds the Principle of Free Trade and Strictly Complies with WTO Rules

自2001年加入世界贸易组织，中国开启了深度参与经济全球化的进程，改革开放也进入了历史新阶段。中国积极践行自由贸易理念，切实提升贸易政策的稳定性、透明度和可预见性，大幅开放市场，为维护多边贸易体制有效性权威性作出积极贡献。
Since joining the WTO in 2001, China has played an active role in economic globalization, launching a new phase in its reform and opening-up efforts. Committed to the principle of free trade, China has made its trade policies more stable, transparent, and predictable, substantially opened its markets, and made a positive contribution to upholding the effectiveness and authority of the multilateral trading system.

（一）全面加强贸易政策合规工作
1. China Has Comprehensively Strengthened Trade Policy Compliance

加入世界贸易组织以来，中国全面履行加入承诺，遵守和执行世界贸易组织规则，完善基于规则的市场经济法律法规，构建符合多边贸易规则的法律体系。加入世界贸易组织后，中国大规模开展法律法规清理修订工作，中央政府清理法律法规和部门规章2300多件，地方政府清理地方性法规19万多件，覆盖贸易、投资和知识产权保护等各方面。
Since joining the WTO, China has fully honored its accession commitments, abided by and implemented WTO rules, strengthened its rule-based market economy laws and regulations, and established a legal framework aligned with multilateral trade principles. Following its accession, China launched major efforts to review and revise over 2,300 laws, regulations and departmental rules at central government level, and over 190,000 local regulations at sub-central government levels. These efforts spanned key areas such as trade, investment, and intellectual property protection, among others.

为落实中共十八届三中全会关于坚持世界贸易体制规则、构建开放型经济新体制的要求，2014年国务院办公厅印发《关于进一步加强贸易政策合规工作的通知》，商务部配套发布《贸易政策合规工作实施办法（试行）》，要求各级政府在拟定贸易政策过程中对照世界贸易组织协定及中国加入承诺进行合规性评估。2024年中共二十届三中全会提出，建立同国际通行规则衔接的合规机制，优化开放合作环境。2025年3月国务院办公厅印发《关于进一步加强贸易政策合规工作的意见》，提出将合规评估作为贸易政策出台前的必要前置环节，国务院部门、县级以上人民政府及其部门在贸易政策制定过程中，应按照“谁制定、谁评估”原则，对拟出台的政策措施开展合规评估，使其符合世界贸易组织规则和中国加入承诺。
To implement the requirements of the Third Plenary Session of the 18th CPC Central Committee in 2013 on adhering to the rules of the world trading system and building new systems for an open economy, the General Office of the State Council issued an official document on furthering trade policy compliance with WTO rules in 2014, and the MOFCOM issued the Measures for the Implementation of the Compliance Work of Trade Policies (Trial), requiring governments at all levels to conduct compliance assessments in accordance with WTO agreements and China’s accession commitments when formulating trade policies. The Third Plenary Session of the 20th CPC Central Committee proposed in 2024 to establish compliance mechanisms that are aligned with prevailing international rules, and optimize the environment for opening up and cooperation.

In March 2025, the General Office of the State Council issued the Guideline on Further Strengthening Trade Policy Compliance, which suggested that compliance assessment should be a compulsory precondition for the release of trade policies. In the process of decision-making on trade policies, the State Council departments, the people’s governments at the county level and above, and the relevant departments should adhere to the principle of “who formulates, who evaluates”, conducting compliance assessment of the trade policies, to ensure that they comply with the WTO rules and China’s accession commitments.

（二）切实履行加入世界贸易组织降税承诺
2. China Has Rigorously Fulfilled the Commitments on Tax Reduction upon Accession to the WTO

中国在加入世界贸易组织时，作出了广泛而大幅度的降税承诺。中国政府履约践诺，截至2010年，中国货物降税承诺全部履行完毕，关税总体水平从2001年的15.3%降低到9.8%。就世界贸易组织约束税率而言，中国9.8%的关税总水平已经非常接近发达成员的平均约束税率（9.4%）。
Upon acceding to the WTO, China made extensive and substantial tariff reduction commitments. The Chinese government has honored its commitments, and all the tariff reduction commitments for goods were fulfilled by 2010. The overall tariff level has been reduced from 15.3 percent in 2001 to 9.8 percent. In terms of WTO-bound tariff rates, China’s overall tariff level is approaching the average bound tariff rate of developed members (9.4 percent).

中国奉行互利共赢的开放战略，近年来主动扩大进口，多次大幅自主降低进口关税税率。2023年7月，随着信息技术协定扩围产品完成第八步降税，中国关税总水平进一步下降至7.3%。2024年，中国进一步宣布对原产于同中国建交的最不发达国家100%税目产品适用税率为零的特惠税率。这充分展示了中国坚定推进对外开放、融入全球经济的努力。中国较低的关税水平，不仅为全球优质商品提供了广阔市场机遇，也为国内消费者提供了多样性选择，促进了全球产业链供应链发展，推动了全球贸易投资自由化和经济全球化进程。
China pursues an opening-up strategy that emphasizes mutual benefit and win-win outcomes. In recent years, it has actively expanded imports and taken repeated and substantial steps to reduce import tariff rates at its own initiative. In July 2023, with the eighth reduction in tariffs on products under the expanded Information Technology Agreement, China’s overall tariff level saw a further drop to 7.3 percent. In 2024, China further announced that it would grant zero-tariff treatment for 100 percent tariff lines to all the least developed countries that have diplomatic relations with China. This fully demonstrates China’s firm commitment to promoting opening up and integrating into the global economy. China’s comparatively low tariff levels create extensive market opportunities for high-quality global products, while providing a diverse range of choices for domestic consumers. Moreover, these efforts contribute to the development of global industrial and supply chains while driving progress in trade and investment liberalization as well as economic globalization.

（三）在世界贸易组织规则范围内合规合理提供补贴
3. China Has Provided Subsidies Within a Reasonable Range in Compliance with WTO Rules

补贴是发展中成员实现联合国可持续发展目标和世界贸易组织关于促进包容性发展、提高生活水平等总目标的重要政策工具。世界贸易组织秘书处和其他国际机构2022年4月发布联合报告指出，补贴在所有产业部门都普遍存在，不同发展阶段的国家均在使用补贴政策。
Subsidies are significant policy instruments for developing members to advance the United Nations’ Sustainable Development Goals and achieve the WTO’s overarching objectives of fostering inclusive development and improving living standards. A joint report released by the WTO Secretariat and other international institutions in April 2022 pointed out that subsidies are common in all sectors, used by countries at all stages of development.

中国在加入世界贸易组织时即承诺，不对农产品维持或提供任何出口补贴，在农业国内支持和产业补贴领域也作出了超出一般发展中成员的承诺。入世以来，中国严格遵守世界贸易组织各项补贴纪律，及时向世界贸易组织提交补贴通报。2023年6月，中国提交2021－2022年补贴政策通报，涉及中央69项和地方385项补贴政策，实现省级行政区域全覆盖。2024年7月，中国提交2022年农业国内支持通报，通报年份与美国等主要发达成员基本相当（美国为市场年2022/2023、欧盟为市场年2021/2022）。
Upon joining the WTO, China pledged to refrain from maintaining or granting export subsidies for agricultural products and made commitments regarding agricultural domestic support and industrial subsidies that surpass those of the average developing members. Since its accession, China has strictly adhered to all WTO subsidy discipline and promptly submitted subsidy notifications to the WTO. In June 2023, China submitted the 2021-2022 subsidy policy notification, involving 69 central and 385 local government subsidy policies, covering all provincial-level administrative regions. In July 2024, China submitted its notifications regarding domestic support for agriculture for the year 2022, aligning its notification year with those of major developed members such as the US (market year 2022/2023) and the EU (market year 2021/2022).

中国致力于建立完善符合国际惯例的财政补贴体系，推动产业政策由差异化、选择化向普惠性、功能性转变。中国政府更多采用公共服务、技术标准、技能培训等市场化、引导性间接手段，重点支持技术研发创新、中小企业发展、绿色节能、公共服务体系建设等市场失灵领域，实现对行业内企业的普惠支持，激发经营主体活力，促进公平竞争，完善社会主义市场经济体系。例如，对符合条件的个体工商户和小型微利企业，在个人所得税、企业所得税、资源税、房产税、城镇土地使用税等方面落实好优惠政策。
China is committed to establishing and improving a fiscal subsidy system in line with international practice, and promoting the transformation of industrial policies from differentiated and selective to inclusive and functional. The Chinese government prioritizes market-oriented and indirect guiding measures, such as public services, technical standards, and skills training to support areas of market failure, including technological research and innovation, the development of small and medium-sized enterprises, green energy efficiency, and the establishment of public service systems. By offering inclusive support across industries, these measures aim to stimulate the vitality of market entities, promote fair competition, and reinforce the socialist market economy system. For instance, it implements preferential policies in personal income tax, corporate income tax, resource tax, property tax, and urban land use tax for eligible self-employed businesses and small enterprises with slim profit margins.

为更好发挥补贴对促进发展的作用，中方对世界贸易组织框架下讨论产业补贴问题持开放态度。同时，相关讨论需要确定讨论方向、目标、形式和边界，避免泛化为国家干预或产业政策的宏观性讨论，更不能触及成员经济制度和发展模式。
To better leverage the role of subsidies in promoting development, China is open to discussions on industrial subsidies within the framework of the WTO. However, such discussions should define their focus, objectives, format, and boundaries in order to prevent them from devolving into sweeping discussions on state intervention or industrial policy, and, most importantly, to ensure they respect the economic systems and development paradigms of member states.

一些人炒作所谓“中国产能过剩论”，指责中国因宏观经济失衡以及补贴等“非市场经济行为”出现“产能过剩”，冲击了国际市场，损害了其他国家的就业和供应链韧性。中方认为，所谓“中国产能过剩论”有悖常理和常识。从市场经济原理看，供给和需求是市场经济内在关系的两个基本方面。供需平衡是短期的相对的，不平衡是普遍的动态的。从国际贸易往来看，国际贸易的产生和发展就是各国基于比较优势、进行国际分工合作，从而有效提升全球经济效率和福祉。以“产能过剩”等为借口，对中国产品出口、投资合作设限，实际是赤裸裸的贸易保护主义，是对全球市场的人为干预和割裂，必将破坏全球产供链稳定，造成重复建设和产能过剩。通过“扣帽子”“贴标签”搞限制，只会妨碍合作，最后也不会得到想要的结果。
Some persons have accused China of abusing its “overcapacity”, asserting that macroeconomic imbalances and “non-market economic behaviors” such as subsidies have resulted in “overcapacity” in China, thereby disrupting international markets and undermining employment and supply chain resilience in other countries. China maintains that such accusations are both unreasonable and factually incorrect. From the perspective of market economy principles, supply and demand are fundamental and intrinsically linked components of market dynamics. While equilibrium between supply and demand is a transient and relative state, disequilibrium is pervasive and dynamic. International trade emerges and progresses based on the comparative advantages of countries, fostering international specialization and cooperation and thereby increasing global economic efficiency and benefits. The imposition of restrictions on Chinese goods exports and investment cooperation, citing “overcapacity” and other pretexts, constitutes overt trade protectionism. This artificial intervention and fragmentation of the global market will inevitably destabilize global industrial and supply chains, leading to redundant development and genuine overcapacity. The employment of restrictive measures predicated on unsubstantiated allegations and labeling will only impede cooperation, and it will ultimately prove ineffectual.

（四）持续优化营商环境
4. China Has Continued to Improve the Business Environment

中共二十届三中全会强调，充分发挥市场在资源配置中的决定性作用，更好发挥政府作用；保证各种所有制经济依法平等使用生产要素、公平参与市场竞争、同等受到法律保护，促进各种所有制经济优势互补、共同发展；清理和废除妨碍全国统一市场和公平竞争的各种规定和做法。中国政府通过系统性改革同国际规则接轨，持续优化营商环境，为全球企业提供了更加透明、公平、可预期的营商环境。
The Third Plenary Session of the 20th CPC Central Committee emphasized that the market plays the decisive role in resource allocation and the government better fulfills its role, that economic entities under all forms of ownership have equal access to factors of production as required by law, that they compete in the market on an equal footing, that they are protected by the law as equals, thus enabling them to complement each other and develop side by side, and that the regulations and practices impeding the development of a unified national market and fair competition will be reviewed and abolished. The Chinese government has aligned itself with international rules through a series of systematic reforms and progressively optimized the business environment, providing a more transparent, fair, and predictable environment for global enterprises.

持续扩大外资准入。2017年7月在全国范围内实施外商投资准入负面清单管理制度。2019年颁布外商投资法，规定对外商投资施行准入前国民待遇加负面清单模式，以立法形式确立了“内外资一致”原则，同时禁止强制技术转让，强化知识产权保护，为外资企业提供了法律层面的确定性。进一步优化外商投资环境，加大吸引外商投资力度，保障外资企业参与政府采购活动、支持外资企业平等参与标准制定，确保外资企业平等享受支持政策，进一步提振了外商投资信心。2017年至2024年，全国外资准入负面清单由93条缩减至29条，制造业领域外资准入限制全面取消。2024年，中国相继扩大增值电信、医疗等领域开放试点，服务业外资准入不断放开。实施《2025年稳外资行动方案》，释放了进一步对外开放的积极信号，同时积极开展外商投资促进工作，切实解决外资企业关切的问题。
Continuously expanding access for foreign investment. In July 2017, the negative list management system for foreign investment was implemented nationwide. In 2019, the Foreign Investment Law was enacted, introducing a system of pre-establishment national treatment plus negative list for foreign investment. This legislation formally established the principle of “equal treatment for domestic and foreign investment”, prohibited forced technology transfer, and strengthened intellectual property protection, providing legal certainty for foreign-funded enterprises. To attract more foreign investment, China has further improved the business environment by ensuring foreign-funded enterprises’ participation in government procurement activities, supporting their equal involvement in the formation of standards, and granting them equal access to support policies, to provide a further boost to foreign investment confidence. From 2017 to 2024, China reduced the number of items on the national negative list for foreign investment from 93 to 29, and all restrictions on foreign investment in the manufacturing sector were lifted. In 2024, China launched more pilot programs to expand opening up in the value-added telecommunications and medical sectors, further expanding foreign investment access to the service industry. The Action Plan for Stabilizing Foreign Investment came into effect in 2025, sending a strong signal of further opening up. Meanwhile, efforts were actively made to promote foreign investment and effectively address the concerns of foreign-funded enterprises.

营造公平竞争市场环境。2022年，中国出台关于加快建设全国统一大市场的意见，明确提出要全面清理歧视外资企业和外地企业、实行地方保护的各类优惠政策。2024年6月中国国务院发布《公平竞争审查条例》，明确要求政策措施未经批准不得含有影响生产经营成本的内容，包括不得给予特定经营者税收优惠、特殊的财政奖励或补贴以及在要素获取、行政事业性收费、政府性基金、社会保险费等方面优惠。中国政府持续开展特殊的财政奖励或补贴等相关优惠政策的清理工作，加快形成与国际规则接轨的制度，促进社会经济高质量发展。
Fostering a level playing field in the market. In 2022, China released the Guideline on Accelerating the Construction of a Unified National Market, explicitly requiring the comprehensive removal of preferential policies that discriminate against foreign-funded enterprises and enterprises from other regions, as well as those that enforce local protectionism. In June 2024, the State Council released the Regulations on Fair Competition Review, stipulating that policy measures shall not contain provisions affecting production and operational costs without prior authorization, which includes the prohibition of granting to specific operators tax preferences, special fiscal rewards or subsidies, or preferential treatment in terms of factor acquisition, administrative and public service charges, government-managed funds, and social insurance fees. The Chinese government is working on the cleanup of relevant preferential policies, such as special fiscal rewards or subsidies, while accelerating the establishment of a system aligned with international rules to promote high-quality economic and social development.

在税收领域公平对待内外资企业。近年来，中国有序推进税制改革工作，加快落实税收法定原则，优化完善税制结构，更好发挥税收在推动高质量发展、促进社会公平正义等方面的重要作用。
Treating domestic and foreign-funded enterprises equally in taxation. In recent years, China has implemented orderly reforms of its tax system. It has optimized the tax structure and accelerated the implementation of the principle of statutory taxation, with the aim of capitalizing on taxation’s crucial role in boosting high-quality development and promoting social fairness and justice.

——内外资企业税收“一视同仁”。对境内所有企业，不区分所有制，执行统一税法、适用同样税率。符合条件的外商投资企业和项目均可按规定享受相关税收优惠支持政策。
– Equal treatment for domestic and foreign-funded companies in tax policy. Regardless of ownership type, all enterprises within China’s territory now operate under the same tax laws and tax rates. Meanwhile, eligible foreign-invested companies and projects can all enjoy tax incentive policies in accordance with relevant regulations.

——进口和国产货物“一视同仁”。根据世界贸易组织有关规则及国内有关法律法规，中国对进口货物征收一定关税。除此之外，为体现税负公平原则，还在进口环节征收增值税、对部分消费品征收消费税，其中增值税可在后续交易链条中予以抵扣，税负层层向下游转嫁。对于国产产品，则在生产、流通等各环节征收增值税，对部分消费品在生产、流通中的部分环节征收消费税。进口和国产货物征收范围和适用税率完全一致，不存在任何“歧视”。中国、欧盟、日本、韩国等多个经济体均实行流转税制度，在进口环节征收增值税或消费税，这既符合税制原理，也符合国际规则，是相关国家通行的常规做法。美国未实施流转税制，以销售税等直接税为主，直接向交易链条最终端的消费者征收，进口商自然无需缴纳。这样的差异是因各国税制不同形成的，并不意味着中、欧、日、韩等对进口货物征收了额外的“歧视性”“域外”税收，更不应以此为由对相关国家商品加征额外关税。
– Equal treatment for domestic and imported goods. China imposes tariffs on imported goods in accordance with relevant WTO rules as well as domestic laws and regulations. In addition, as a move to embody the principle of tax fairness, imported goods are subject to value-added tax (VAT), and consumption tax is imposed on specific consumer goods. However, VAT can be credited in subsequent transactions, with the tax burden being passed down the supply chains. For domestically produced goods, VAT is levied at production, circulation, and other stages, while consumption tax applies to certain goods at the specific stage of production and circulation. Both the scope of taxation and applicable tax rates are entirely consistent for imported and domestic goods, ensuring no discriminatory treatment.

Many economies, including China, Japan, the ROK, and the EU, implement a turnover tax system and levy VAT or consumption tax at the import stage. This practice is a conventional approach widely implemented in many countries, which aligns with both taxation principles and international norms. In contrast to economies with turnover taxes, the US employs a direct tax system such as sales tax, which is imposed directly on end consumers rather than importers. This distinction stems from the contrasting tax systems of different countries, and VAT or consumption tax should not be misinterpreted as an additional “discriminatory” or “extraterritorial” tax on imported goods imposed by economies with a turnover tax system such as China, Japan, the ROK, the EU, and others. Therefore, there are no grounds for the US to cite such distinctions as justification for imposing additional tariffs on imports from such countries.

——中外公民个人所得税“一视同仁”。对外籍人员在本国境内工作取得的收入征收个人所得税属于国际惯例。根据中国个人所得税法，居民个人需就境内外所得缴税，非居民个人仅就境内所得缴税。区分居民和非居民的标准为在中国境内是否有住所，或者无住所而一个纳税年度在中国境内居住的天数是否满183天，而非是否为中国国籍。同时，中国对外籍个人给予了有关津补贴免税等支持政策。
– Equal treatment for Chinese and foreign nationals in terms of individual income tax. It is a common international practice for a country to levy individual income tax on foreign nationals working within its territory. According to China’s individual income tax law, resident individuals are required to pay tax on their income earned from both within and outside China, while non-resident individuals only need to pay tax on their income earned within China. Regardless of nationality, the distinction between resident and non-resident individuals is whether they have a residence in China or whether they have resided in China for 183 days or more in a tax year. Meanwhile, foreign nationals working in China can enjoy preferential policies, such as tax-exempt fringe benefits.

积极推动数字贸易发展。在全国设立12个国家数字服务出口基地，出台支持基地创新发展的政策措施。2015年至今，先后在全国范围设立了165个跨境电子商务综合试验区，覆盖31个省份，实现产业数字化和贸易数字化融合发展。中国依法管理互联网，欢迎遵守中国法律法规和提供安全、可靠的产品和服务的各国互联网企业来中国发展。2024年，中国发布关于数字贸易改革创新发展的意见，进一步推动数字贸易制度型开放，包括放开数字领域市场准入、促进和规范数据跨境流动和打造数字贸易高水平开放平台等。在数据跨境流动领域，2024年中国结合数据出境安全管理工作实际，颁布《促进和规范数据跨境流动规定》，进一步优化数据跨境流动监管环境，并授权自由贸易试验区可自行制定数据跨境流动负面清单。天津、上海、北京自由贸易试验区率先试点“数据跨境流动负面清单”，明确受限数据边界，降低企业合规成本，提高政策可预期性。
Actively promoting the development of digital trade. China has established 12 national digital service export bases nationwide, and introduced policies and measures to support the innovative development of these bases. Since 2015, China has set up 165 cross-border e-commerce comprehensive pilot zones in 31 provincial-level administrative units, achieving integrated development of industrial digitalization and trade digitalization. In addition, China upholds law-based cyberspace governance and welcomes international internet companies to develop in China, provided they comply with China’s laws and regulations and offer secure, reliable products and services.

In 2024, China issued the Guideline on the Reform and Innovative Development of Digital Trade, further advancing institutional opening up in digital trade. Key measures include relaxing market access in the digital sector, facilitating and regulating cross-border flows of data, and building platforms for the high-standard opening up of digital trade.

Regarding data cross-border transfer, China, in 2024, based on the realities of cross-border data transfer security management, issued the Provisions on Facilitating and Regulating Cross-border Data Flow, which further optimizes the regulatory environment for cross-border data flows while authorizing pilot free trade zones around the country to formulate their own negative lists for cross-border data flows. The pilot free trade zones in Tianjin, Shanghai and Beijing have taken the lead in piloting the formulation of negative lists for cross-border data flows, which clarifies the boundaries of restricted data, reduces corporate compliance costs, and strengthens policy predictability.

五、单边主义、保护主义损害双边经贸关系发展
V. Unilateralism and Protectionism Undermine China-US Economic and Trade Relations

美国作为二战结束后国际经济秩序和多边贸易体制的主要建立者和参与者，本应带头遵守多边贸易规则，在世界贸易组织框架下通过争端解决机制妥善处理与其他世界贸易组织成员之间的贸易摩擦，但美近年来奉行单边主义和经济霸权主义，搞所谓“小院高墙”“脱钩断链”，四面出击挑起经贸摩擦，不仅损害了中国和其他世界贸易组织成员利益，更损害了美国自身国际形象，动摇了全球多边贸易体制根基，最终必将损害美国长远利益。
As a key builder and participant of the international economic order and multilateral trading regime after World War II, the US should take the lead in observing multilateral trade rules and properly handle trade friction with other WTO members through the dispute settlement mechanism within the WTO framework. However, in recent years, the US has resorted to unilateralism and economic hegemony, adopted approaches of “small yard, high fence” and decoupling and severing supply chains, and provoked international trade friction around the world. This has not only undermined the interests of China and other WTO members, but also jeopardized the international reputation of the US itself. And above all, the US has shaken the foundations of the global multilateral trading regime, which will ultimately damage the long-term interests of the US.

（一）取消中国永久正常贸易关系地位损害中美经贸关系根基
1. Rescinding China’s Permanent Normal Trade Relations (PNTR) Status Undermines the Foundation of China-US Economic and Trade Relations

2025年4月，美国白宫发布“美国第一”贸易政策报告执行摘要，称已详细评估国会关于取消中国永久正常贸易关系地位的法案，并据此向总统提出建议。事实上，永久正常贸易关系地位（即永久给予最惠国待遇）是中美经贸关系的核心基础，如果美国推动取消中国最惠国待遇，将违反世界贸易组织规则，严重破坏中美关系和全球经贸秩序，是典型的单边主义和贸易保护主义做法。
In April 2025, the White House issued the Report on the America First Trade Policy Executive Summary, which carefully reviewed legislative proposals related to China’s PNTR status and advised the president accordingly. The PNTR status, or granting the Most Favored Nation (MFN) treatment permanently, is the ballast of China-US economic and trade relations. The US push to revoke China’s PNTR status represents a clear instance of unilateralism and trade protectionist practices, which violates WTO rules and undermines China-US relations and the global economic order.

取消最惠国待遇严重违反世界贸易组织规则。世界贸易组织规则要求世界贸易组织成员无条件地给予其他世界贸易组织成员最惠国待遇，这一要求具有法律强制约束力。2018年，美国政府单方面根据其国内法，宣布对中国有关产品加征301关税，随后又相继在投资、技术出口等领域对中国采取一系列严格的单方面限制措施。美国的相关做法违反世界贸易组织最惠国待遇的要求，其中，301加征关税措施已被世界贸易组织专家组裁决违规。取消最惠国待遇的做法，无论是通过美国国会立法还是采取其他任何国内法律手段，都直接违反美国在世界贸易组织下应承担的义务，是赤裸裸的单边主义和贸易保护主义。
Revocation of China’s MFN status violates WTO rules. The relevant WTO rules require its members to unconditionally grant MFN treatment to all other WTO members, a requirement that has binding legal force. In 2018, based on its domestic laws, the US government unilaterally announced the imposition of Section 301 tariffs on certain Chinese products. Subsequently, it adopted a series of strict unilateral restrictive measures against China in areas such as investment and technology exports. Such practices violate the WTO’s MFN principle. Among these, the imposition of Section 301 tariffs has been ruled to contravene relevant rules by the WTO dispute settlement panel. Any move to revoke China’s MFN status, whether through legislation by the US Congress or based on any existing domestic laws, directly violates US obligations under the WTO, which is a clear manifestation of unilateralism and trade protectionism.

取消最惠国待遇严重破坏中美经贸关系和全球经贸秩序稳定。永久正常贸易关系是20多年来中美经贸关系稳定的基础，对中美两国间经贸往来乃至全球经济发展均具有深远和积极的影响。取消永久正常贸易关系，将使中美经贸关系重新回到2001年中国加入世界贸易组织以前缺乏确定性和可预期性的状态，甚至将导致中美经济“脱钩断链”。取消最惠国待遇，将大幅恶化中美经贸环境，服务贸易、知识产权、双向投资、技术管制、人员往来等其他各经贸领域也将受到影响。此外，取消一个世界贸易组织成员的最惠国待遇，将从根本上破坏世界贸易组织最惠国待遇原则，动摇以非歧视为基本价值取向的多边贸易体制的基础，将对多边贸易体制和全球经贸秩序造成严重破坏。
Revocation of China’s MFN status undermines China-US economic and trade relations and destabilizes the global economic order. Over the past two decades, PNTR has served as the stabilizer for China-US economic and trade relations, and has played a far-reaching, positive role in promoting economic exchanges not only between the two countries but even in global economic growth. Revoking China’s PNTR status will bring China-US economic and trade relations back to the uncertainty and unpredictability that preceded China’s accession to the WTO in 2001. Even worse, it may lead to economic decoupling between the two countries. The revocation of MFN status will significantly worsen China-US economic and trade environment. Economic and trade sectors such as trade in services, intellectual property protection, two-way investment, technology export controls, and exchange of personnel will also be affected. Moreover, the action of repealing the MFN treatment of a WTO member will fundamentally undermine the WTO’s MFN principle and destabilize the multilateral trading system that has non-discrimination as the cornerstone, thereby causing serious damage to the multilateral trading regime and the global economic order.

中国坚决反对以单边主义、保护主义破坏多边贸易体制。以世界贸易组织为核心的多边贸易体制是国际贸易的基石，是人类文明发展的重要成果之一，而最惠国待遇是多边贸易体制的一项基本原则。中国始终坚定支持和维护多边贸易体制。历史和现实表明，以规则为基础的多边贸易体制符合各国共同利益，单边主义、保护主义破坏全球产业链、供应链和价值链，威胁世界经济稳定和发展。中国一贯反对以单边主义、保护主义破坏多边贸易体制的做法，希望美国正视取消最惠国待遇可能带来的恶劣影响，与广大世界贸易组织成员相向而行，共同维护公正合理的国际经贸秩序和国际贸易环境。
China opposes any unilateralist and protectionist acts that sabotage the multilateral trading system. The multilateral trading system, with the WTO at its core, is the cornerstone of international trade and one of the important outcomes of human progress. MFN treatment is a basic principle within this system. China has always firmly supported and upheld the multilateral trading regime. Both history and reality have shown that the rules-based multilateral trading system meets the common interests of all countries, while unilateralism and protectionism undermine global industrial, supply, and value chains, and threaten the stability and development of the global economy. China has consistently opposed any unilateralist or protectionist action that could sabotage the multilateral trading system. It is hoped that the US will be clearly aware of the possible harm caused by its attempt to revoke China’s MFN status, and work constructively with the overwhelming majority of WTO members in safeguarding a fair and reasonable global economic and trade order and environment.

（二）美方泛化国家安全概念阻碍两国正常经贸合作
2. US Generalization of the Concept of National Security Hinders China-US Economic and Trade Cooperation

美国政府不断以国家安全为由，将经贸问题政治化，出台各类经贸限制政策和措施。限制范围持续扩大，制裁力度不断加强。2024年9月，美中贸易全国委员会发布的2024年《中国商业环境调查》显示，美国对华出口管制、制裁和投资审查成为美资企业在华面临的主要挑战之一。
The US government continues to politicize economic issues on the grounds of national security. It has introduced a variety of policies and measures to hinder economic and trade exchanges with China, with restrictions and sanctions constantly intensifying. The annual Member Survey report on China’s business environment released by the US-China Business Council in September 2024 indicates that the United States’ export controls, sanctions, and investment reviews targeting China have become one of the key challenges facing American companies in China.

贸易方面，美方宣称，持续存在的贸易逆差对美经济和国家安全构成严重威胁。美方还以国家安全为由，通过加强出口管制、扩大对华制裁、关闭美国市场等多种单边措施，频繁加强对中国集成电路以及通信企业的限制。2025年1月，美国商务部发布《保障信息和通信技术与服务供应链安全：网联车》最终规则，称中国网联车软硬件及整车“不安全”，限制其进入美国市场；同月，美国商务部宣布对中国等国无人机系统启动信息通信技术与服务国家安全风险调查。美方还称将扩大有关信息通信技术与服务的调查范围，以涵盖所谓“对手国家”控制的先进技术。
In terms of trade, the US side claims that the persistent trade deficit poses a serious threat to its economic and national security. It repeatedly augmented restrictions by employing multiple unilateral measures such as export controls, expanded sanctions and denying market access of China’s integrated circuits and telecommunications companies, citing national security as the excuse. In January 2025, the USDOC issued a final rule on Securing the Information and Communications Technology and Services Supply Chain: Connected Vehicles, which targets China’s connected vehicles as well as related software and hardware as “unsafe” and restricts their entry into the US market. That same month, the USDOC announced the launch of a national security risk investigation into the information and communication technology and services of unmanned aerial systems from China and other countries. The US side announced that it would expand the scope of investigation on information and communications technology and services to encompass the advanced technologies controlled by “foreign adversaries”.

投资方面，美方出台“外国投资风险评估现代化法”及其配套行政制度，扩大美国外国投资委员会的审查权，限制中国企业在关键技术、关键基础设施、敏感数据等领域的对美投资。2025年1月，美国对外投资审查最终规则生效，全面限制美国资金、企业投资中国半导体和微电子、人工智能和量子信息技术领域。2月，美国发布“美国第一”投资政策备忘录，提出将美对华投资限制领域从半导体和微电子、量子信息技术和人工智能等领域扩大至生物技术、超高音速、航空航天、先进制造和定向能等领域，进一步加严中国对美国“战略行业”投资的限制。
In terms of investment, the US issued the Foreign Investment Risk Review Modernization Act and established supporting administrative mechanisms, which expanded the authority of the Committee on Foreign Investment in the US and restricted Chinese investments in sectors such as critical technologies, key infrastructure, and sensitive data in the US. In January 2025, the final regulations restricting US outbound investments took effect, which comprehensively restrict US funds and companies from investing in China’s semiconductor and microelectronics, quantum information technology, and AI sectors. In February, the US issued a Memorandum on America First Investment Policy, proposing to expand the scope of US outbound investment restrictions from these sectors to include biotechnology, hypersonics, aerospace, advanced manufacturing, and directed energy, among others. In addition, it calls for tighter restrictions on Chinese investments in US “strategic industries”.

美方实施的一系列贸易和投资限制措施不仅增加企业合规成本，严重阻碍两国正常经贸合作，还影响全球产业链和供应链的稳定，严重破坏国际经贸秩序。
The series of trade and investment restrictions implemented by the US not only increases compliance costs for enterprises and severely hinders normal China-US economic and trade cooperation, but also affects the stability of global industrial and supply chains and seriously undermines the international economic and trade order.

（三）美方滥用出口管制破坏全球供应链稳定
3. US Abuse of Export Controls Destabilizes Global Supply Chains

近年来，美方泛化国家安全，滥施长臂管辖，持续将出口管制政治化、武器化、工具化，对其他国家产业和企业实施制裁打压，严重阻碍全球正常经贸往来，破坏全球产业链供应链稳定。
In recent years, the US has generalized the concept of national security, exercised excessive long-arm jurisdiction, and continued to politicalize, weaponize, and instrumentalize export controls, imposing sanctions and suppressive measures on various industries and enterprises of other countries. Such practices have severely obstructed normal economic and trade exchanges worldwide and disrupted the stability of global industrial and supply chains.

美方以国家安全和人权为名行打压遏制之实。2022年以来，美国以所谓国家安全为由，连续多次升级对华半导体和人工智能出口管制，从限集成电路到限制造到限代工再到限软件，几乎是对半导体全产业链的打压。美国对人工智能模型及提供底层算力支撑的集成电路采取歧视性管制措施，实质是在人工智能领域搞“三六九等”、分“亲疏远近”，剥夺包括中国在内广大发展中国家实现科技进步的权利。
The US suppresses other countries in the name of national security and human rights. Since 2022, the US has updated its export controls on China’s semiconductor and AI sectors in multiple instances under the pretext of national security, expanding restrictions from integrated circuits to manufacturing, outsourcing, and software – almost covering the entire semiconductor industrial chain. By implementing discriminatory export controls on AI models and integrated circuits that provide underlying computing power support, the US is, in essence, creating a tiered structure within the realm of AI, favoring certain entities while depriving the vast number of developing countries, including China, the right to achieve technological advancement.

近年来，美方以强迫劳动为由将中国多家实体列入“维吾尔强迫劳动预防法实体清单”，并持续以人权为由对中国相关实体实施出口管制制裁。受制裁的企业并没有所谓“强迫劳动”问题，有的企业已全面实现无人化生产，有的企业已通过第三方机构对其开展审计，未发现任何“强迫劳动”的证据。制裁使得中国企业无辜面临断供应、断资金、断合作的严重影响，合法权益受到严重损害。
In recent years, the US has placed a number of Chinese entities on the Uygur Forced Labor Prevention Act Entity List under the pretext that they are engaged in “forced labor”, and has continuously imposed export controls on Chinese entities under the pretext of human rights. In fact, the enterprises subjected to sanction do not have any issue of “forced labor” – some have fully realized automated production, and others have undergone auditing and inspection by third-party institutions, with no evidence of “forced labor” being identified. Unjust US sanctions have had severe consequences for Chinese enterprises affected, such as supply chain disruptions, fund shortages, and loss of partners, substantially infringing on their legitimate rights and interests.

美方滥用出口管制，无理制裁大批中国实体。长期以来，美方对中方实施严苛的出口管制政策，还以涉俄、涉伊、涉恐、涉毒等为由，对中国实体使用“黑名单”工具进行打压遏制，中国被制裁实体面临供应链断裂、技术合作受阻等困境。近年来，美方对华制裁频次和烈度大幅提升。美国智库研究认为，“美制裁清单制定缺乏透明度与公正性。出口管制实体清单增列程序依赖保密信息，缺乏透明度；增列标准较为模糊，缺乏明确界定；移出门槛极高，导致企业难以通过司法诉讼进行移单。”
The US abuses export controls in the unjustified sanctioning of Chinese entities. For a long time, the US has implemented strict export control policies against China, and has suppressed Chinese entities using “blacklists” as tools under the pretext of issues related to Russia, Iran, terrorism, and narcotics. Sanctioned Chinese entities face difficulties such as supply chain disruption and technological cooperation blockage.

In recent years, US sanctions against China have grown significantly in both frequency and intensity. Research by a US think tank revealed that US sanction lists lack transparency and fairness. For instance, the addition of entities to the Entity List for export controls is based on confidential information and lacks transparency; the criteria for addition are opaque and lack clear definitions; the threshold for removal is extremely high, making it difficult for entities on the list to move out through judicial proceedings.

美方措施损人不利己，扰乱全球产业链供应链稳定。美方滥施长臂管辖，通过最低含量规则和外国直接产品规则，人为“筑墙”“脱钩”，违背经济规律和市场规则，不仅使双方产业合作面临巨大不确定性，而且严重破坏国际贸易秩序和全球产业链供应链安全稳定。例如，美国2023年颁布的“1017”半导体规则首次运用最低含量规则，对于特定光刻设备，只要含有任何美国元素，对华出口时须向美国申请许可。美2024年颁布的“1202”半导体措施，对24种半导体设备设限，并增设外国直接产品规则，要求其他国家生产的相关半导体制造设备在对华出口时，只要含有特定美国元素就需要向美申请许可，目的就是禁止美国产品进入中国市场，也禁止其他国家相似产品进入。美国芯片巨头英伟达表示，新规实际上威胁了全球创新和经济增长，并使其失去中国市场，处于竞争劣势。纽约联储研究显示，美对华各类制裁措施使美企业市值损失约1300亿美元。
The US measures are counterproductive and detrimental, disrupting the stability of global industrial and supply chains. The US abuses long-arm jurisdiction and deliberately erects barriers and breaks chains through the De Minimis Rules and Foreign-Direct Product (FDP) Rules, in violation of economic laws and market rules. Such practices create huge uncertainty in bilateral industrial cooperation, severely undermine the international trade order, and threaten the security and stability of global industrial and supply chains.

For example, the regulations regarding semiconductors issued by the US government on October 17, 2023 adopted the De Minimis Rules for the first time, according to which the export of specific lithography equipment containing any American components to China requires a permit from the US government. The semiconductor export control measures released by the US on December 2, 2024 imposed restrictions on 24 types of semiconductor equipment, and introduced the FDP Rules mandating that semiconductor manufacturing equipment produced in other countries that contain specific American components must also obtain a license from the US before being exported to China. The purpose is to prevent American semiconductor equipment from entering the Chinese market and prohibit similar products from other countries as well. US chip giant Nvidia commented that these new regulations actually threaten global innovation and economic growth and have caused it to lose market share in China and thus its competitiveness. A survey by the Federal Reserve Bank of New York indicates that various US sanctions against China have caused American companies to lose approximately US$130 billion in market value.

（四）美方301关税措施是典型的单边主义做法
4. Section 301 Tariff Measures Are a Prime Example of Unilateralism

美方301关税措施是典型的单边主义、保护主义做法，既严重破坏国际贸易秩序和全球产业链供应链安全稳定，也没有解决美国自身的贸易逆差和产业竞争力问题，还推高了美国进口商品价格，成本最终由美国企业和消费者承担。近日，美方不仅未终止已有的301调查，反而提出就所谓非市场政策和做法对中方开展新的301调查，在错误的道路上越走越远。
The US Section 301 tariff measures are a classic example of unilateralism and protectionism. They seriously damage global trade order and the security and stability of global industrial and supply chains, fail to solve its problems such as the trade deficit and lack of industrial competitiveness, and increase the prices of imported products in the US to the detriment of US enterprises and consumers. In a recent development, rather than suspending its current Section 301 investigation, the US has been continuing down this misguided path by proposing a new Section 301 investigation into what it alleges are non-market policies and practices in China.

301关税不符合多边经贸规则。301关税严重违反世界贸易组织最基本、最核心的最惠国待遇、约束关税等规则。2018年4月，中国将美国征税措施起诉至世界贸易组织争端解决机制。2020年9月15日，世界贸易组织正式公布案件裁决，专家组全面支持中国的主张，认定美国仅针对中国产品加征关税，违反《1994年关税与贸易总协定》第1条的最惠国待遇义务。美国于2020年10月26日提出上诉。但因美国此前阻挠，上诉机构已陷入停摆，导致该案件处于上诉待审状态。
Section 301 tariffs are inconsistent with multilateral trade rules. They seriously violate the most fundamental and core rules of the WTO, including the MFN treatment and bound tariff rates. In April 2018, China brought a case regarding US tariff measures to the WTO dispute settlement mechanism. On September 15, 2020, a panel of WTO experts ruled that the US tariffs imposed on certain Chinese products violated the MFN obligation under Article I of the General Agreement on Tariffs and Trade 1994. This ruling fully supported China’s claims. The US filed an appeal on October 26, 2020. However, due to US obstruction, the WTO Appellate Body has been paralyzed, leaving the case in a state of pending appeal.

301关税无法解决美国的逆差问题。2018年以来，美国已经连续7年维持对华加征301关税。其间，美国整体的逆差并未因此下降，反而从2018年的9502亿美元升至2024年的12117.5亿美元。
Section 301 tariffs are unable to resolve US trade deficit. Since 2018, the US has imposed Section 301 tariffs on Chinese products for seven consecutive years. During this period, the overall US trade deficit has not decreased; instead, it surged from US$950.2 billion in 2018 to more than US$1.21 trillion in 2024.

美国希望通过对华加征关税来降低对华贸易依赖，实现进口来源多样化。中国是美国最大的进口来源国之一，这对美国而言并非坏事。新冠疫情期间，中国对美国出口的大量个人防护装备满足了美国抗疫需求，很多防疫产品的关税豁免一直延续至今。
The US hopes to reduce its trade dependence on China and diversify its import sources through imposing additional tariffs. The fact that China is one of the US’s largest sources of imports is not necessarily detrimental to the latter. During the Covid-19 pandemic, China exported huge amounts of personal protective equipment to the US, significantly supporting the country’s fight against the pandemic. Many tariff-exempt measures for these pandemic prevention products have continued to this day.

301关税严重损害了美国企业竞争力和消费者福利。301关税使得涉税商品的价格更加昂贵，相关成本大多由美国进口商、批发零售环节和消费者承担。2023年3月，美国国际贸易委员会发布232和301关税对美国内产业经济影响的报告显示，美对华加征的关税成本几乎100%由进口商承担。
Section 301 tariffs severely impair the competitiveness of American businesses and consumer welfare. They have resulted in a significant rise in the prices of the US taxable goods, with most of the additional costs borne by American importers, wholesalers, retailers, and consumers. In March 2023, the United States International Trade Commission released a report titled Economic Impact of Section 232 and 301 Tariffs on US Industries, which shows that almost all additional costs arising from US tariff measures against China are borne by American importers.

（五）美方232调查违反多边经贸规则
5. The US Section 232 Investigations Contravene Multilateral Economic and Trade Rules

2017年以来，美方频繁使用232调查，将其作为贸易保护和谈判施压的工具。2017年至2021年共发起8起232调查，包括钢铁、铝、汽车及零部件、移动式起重机等。调查频率之高、针对产品范围之广前所未有。

Since 2017, the US side has frequently initiated Section 232 investigations as a weapon of trade protectionism to exert pressure on others in negotiations. From 2017 to 2021, it conducted eight Section 232 investigations against products including steel and aluminum, automobiles and auto parts, and mobile cranes. Such investigations had never been more frequent, and the range of products targeted had never been wider.

2017年4月，美国商务部宣布对进口至美国的钢铝产品发起232调查。2018年3月，美国宣布以维护国家安全为由对进口钢铁和铝产品分别加征25%和10%的关税。在该案调查过程中，美国国防部曾致函美国商务部，称进口的钢铝产品并不影响国防部获取满足国防需求的钢铝产品。
In April 2017, the USDOC announced Section 232 investigations against steel and aluminum imports. In March 2018, the US announced 25 percent tariffs on steel and 10 percent tariffs on aluminum, citing national security reasons. During the investigations, the US Department of Defense wrote to the USDOC, stating that steel and aluminum imports were not having a detrimental effect on the department’s procurement of steel and aluminum products that meet national defense needs.

事实证明，钢铝232关税解决的并非美国家安全问题，而是为了在谈判中施加压力。在北美自由贸易区重新谈判中，美国在获得想要的条件后才取消了对加拿大和墨西哥的钢铝产品关税；在与韩国的自贸协定修订谈判中，美国于韩国在汽车贸易方面作出退让后，才将对韩国钢铝产品的232措施从关税转换为关税配额；在与欧盟的谈判中，美国在欧盟同意取消对美国产品的限制措施，并与美国共同对抗所谓的“非市场经济行为”后，才将对欧盟的232钢铝措施从关税转换为关税配额。
It is self-evident that the purpose of Section 232 measures against steel and aluminum is to impose pressure on others in negotiations, and not to address US national security problems. In the renegotiation of the North America Free Trade Agreement, the US lifted the tariffs on the steel and aluminum products of Canada and Mexico only after it was given what it wanted. In the renegotiation of US-ROK Free Trade Agreement, the US changed its Section 232 measures against the steel and aluminum products of the ROK from tariffs to tariff quotas only after the ROK made a compromise on trade in automobiles. In negotiations with the EU, the US changed its Section 232 measures against EU steel and aluminum products from tariffs to tariff quotas only after the EU agreed to drop its restrictive measures on US products and join with the US in opposing what it claims is “non-market economy behavior”.

美国的232调查以国家安全之名，行贸易限制和谈判施压之实，不仅损害其他国家和地区的合法权益，还违反了美国的国际义务，破坏了多边贸易体制。包括中国、欧盟在内的多个世界贸易组织成员将美国对进口钢铝产品实施的232限制措施诉至世界贸易组织争端解决机制。在争端解决程序中，世界贸易组织专家组明确认定美国的232钢铝措施违反世界贸易组织成员必须遵守的核心义务，包括《1994年关税与贸易总协定》第1条规定的最惠国待遇义务和第2条规定的约束税率义务。
The US Section 232 investigations abuse the concept of national security to justify trade restrictions and put pressure on others in negotiations, which damages the legitimate rights and interests of other countries and regions, breaches US international obligations, and undermines the multilateral trading system. Several WTO members including China and the EU have litigated through the WTO dispute settlement mechanism over the restrictive US measures on steel and aluminum imports. In the dispute settlement procedures, the WTO expert panel ruled clearly that these measures violated the core obligations that must be observed by WTO members, including the MFN treatment and tariff binding stipulated respectively in Article 1 and Article 2 of the General Agreement on Tariffs and Trade 1994.

2025年2月10日，美国发布公告，宣布对进口钢铝产品恢复232措施，提高铝产品关税税率，取消对相关国家的关税豁免。3月10日，美方分别对进口铜和木材发起232调查。根据“美国第一”贸易政策报告执行摘要，美方还可能对药品、半导体和一些关键矿产启动新的232调查。
On February 10, 2025, the US announced the resumption of Section 232 measures on imported steel and aluminum, increased tariff rates on aluminum products, and cancelled tariff exclusions for relevant countries. On March 10, 2025, the US initiated Section 232 investigations against imported copper and then timber. According to the Report on the America First Trade Policy Executive Summary, the US side identified additional products and sectors that merit consideration for initiation of new Section 232 investigations, including pharmaceuticals, semiconductors, and certain critical minerals.

（六）美方违规滥用贸易救济措施增加贸易不确定性
6. US Abuse of Trade Remedy Measures Increases Uncertainty in Trade

“美国第一”贸易政策备忘录要求美国商务部审查反倾销和反补贴政策与法规的实施情况，包括跨国补贴和“归零”^①等。调查跨国补贴及“归零”的做法明显违反世界贸易组织规则，将其应用于反倾销或反补贴调查，将人为夸大其他国家对美国出口商品的倾销或补贴幅度，扰乱正常的国际贸易秩序和经贸合作，损害包括美国及其企业和消费者在内的各方利益。
The Memorandum on America First Trade Policy specifically requests the USDOC to review the application of anti-dumping and anti-subsidy policies and regulations, including those related to transnational subsidies and “zeroing”^[1]. Transnational subsidy investigations and “zeroing” clearly violate WTO rules. Applying these to anti-dumping and anti-subsidy investigations will artificially exaggerate the dumping or subsidy margin of the products exported to the US, disturb the normal global trade order and economic and trade cooperation, and damage the interests of all parties concerned, including the US itself and its own enterprises and consumers.

对跨国补贴进行调查违反相关规则。长期以来，美国承认世界贸易组织《补贴与反补贴措施协定》（SCM协定）不适用于跨国补贴的基本原则，对跨国补贴的调查持严格限制态度。美国《联邦法典》规定，除非存在法定的个别例外情况，如果补贴是由受补贴企业所在国以外的另一国政府提供的，或是由国际贷款或开发机构提供的，则不视为补贴。2024年4月，美国商务部修订反补贴法规，废除了《联邦法典》上述规定，完全放开了对跨国补贴的调查。此后，美国商务部在多起反补贴案中发起跨国补贴调查。
The investigations on transnational subsidies violate relevant rules. Over a long period of time, the US acknowledged the basic principle that the Agreement on Subsidies and Countervailing Measures (also known as SCM Agreement) of the WTO does not apply to transnational subsidies and minimized the use of transnational subsidy investigations. The US Code of Federal Regulations stipulates that a subsidy shall not be deemed to exist if it is provided by a government of a country other than the country in which the recipient firm is located, or by an international lending or development institution, unless there is an individual statutory exception. In April 2024, the USDOC amended its anti-dumping and countervailing duty regulations, repealed this stipulation, and began to allow investigating transnational subsidies. Since then, the USDOC has initiated investigations against transnational subsidies in multiple anti-subsidy cases.

美国的上述法规修订和调查实践明显违反世界贸易组织规则。SCM协定规定，补贴是“由一成员领土内”的政府或任何公共机构提供的财政资助，第2条规定具有专向性的补贴是指在补贴授予机构的管辖范围内给予某一或某些企业或行业的补贴。这些都表明补贴的授予机构和接受者应在同一管辖范围内。实际上，该协定明确规定，“接受补贴的企业应为提供补贴的成员领土内的企业”。因此，只有世界贸易组织成员向位于其境内的企业提供的补贴才可适用SCM协定发起反补贴调查。
This regulation amendment and these investigations clearly contravene relevant WTO rules. The SCM Agreement specifies that a subsidy is a financial contribution by a government or any public body “within the territory of a Member” and that a specific subsidy is one that is specific to an enterprise or industry or group of enterprises or industries within the jurisdiction of the granting authority in Article 2. These all show that the granting authority and the recipient shall be within the same jurisdiction. The SCM Agreement clearly specifies that “The recipient firm is a firm in the territory of the subsidizing Member”. Therefore, according to the SCM Agreement, anti-subsidy investigations can only be initiated on a subsidy provided by a WTO member to an enterprise in its territory.

美国对上述法规的修订和调查实践也不符合美国法律。美国《1930年关税法》规定，补贴是一国领土范围内的政府或公共机构提供给其管辖范围内的企业或产业的补贴。因此，美国商务部的相关法规修订、调查和裁决没有美国国内法的依据或授权。
The amendment to the regulation and the subsequent investigations also contravene US law. The Smoot-Hawley Tariff Act of 1930 stipulates that a subsidy is granted by a government or public body of a country within its territory to an enterprise or industry within the jurisdiction of the granting authority. Therefore, the USDOC’s regulation amendment, investigations, and rulings are without legal basis and unauthorized according to US domestic laws.

违规使用“归零”做法人为扩大倾销幅度。在世界贸易组织历史上，“归零”做法因其夸大倾销幅度而广受质疑和诟病。截至2025年2月7日，世界贸易组织争端解决机制至少受理了27起与“归零”合规性问题有关的案件，其中有2起早期案件的被诉方是欧盟，其余25起案件的被诉方均是美国。美国在已经审理完毕的所有相关案件中均被裁决违反世界贸易组织规则。美国一方面拒绝放弃“归零”，另一方面也迫于不断败诉的压力，逐步调整其“归零”做法，但至今仍利用《反倾销协定》中的模糊空间，在其认为存在“目标倾销”的案件中坚持“归零”。
The abuse of “zeroing” artificially expands dumping margins. Over the years, the practice of “zeroing” has been treated with skepticism and criticized widely for exaggerating dumping margins. By February 7, 2025, the WTO dispute settlement mechanism had received 27 cases concerning the legality of “zeroing”, among which two early cases targeted the EU and 25 targeted the US. The US has been ruled in violation of relevant WTO rules in all cases completed to date. On the one hand, the US has refused to refrain from “zeroing”. On the other hand, it has been gradually adjusting the practice of “zeroing” under the pressure of constant legal setbacks. But the US still takes advantage of the ambiguity in the Agreement on Implementation of Article VI of the General Agreement on Tariffs and Trade 1994 (Anti-dumping Agreement) and insists on applying “zeroing” in cases where it considers “targeted dumping” exists.

如果美国在根据“美国第一”贸易政策备忘录进行审查后，“复活”非目标倾销下的“归零”做法，将违反世界贸易组织规则，并公然违背世界贸易组织争端解决机制20多年来在诸多案件中就“归零”问题作出的裁决。“归零”的复活和扩大化将人为“制造”倾销或者提高倾销幅度，从而使其他世界贸易组织成员对美出口的被调查产品面临不公平的高额反倾销税，损害各世界贸易组织成员及其企业的利益。
If, after reviewing its policies and regulations as requested by the Memorandum on America First Trade Policy, the US revives the practice of “zeroing” under non-targeted dumping circumstances, it will contravene WTO rules and blatantly violate the WTO dispute settlement mechanism’s rulings in numerous cases over the past two decades. The revival and expansion of “zeroing” will create artificial dumping or increase dumping margins, thus imposing unfair, hefty anti-dumping duties on products exported to the US by other WTO members, and damaging the interests of the members and their enterprises.

（七）美方以芬太尼为由对华采取经贸限制措施无益于解决问题
7. US Use of Fentanyl as a Pretext to Impose Restrictive Economic and Trade Measures on China Is Not Helping to Solve Problems

2025年2月、3月，美方以芬太尼等问题为由，两次对中国输美产品全面加征关税，威胁取消对中国小额包裹免税政策。4月2日，美方宣布自5月2日起取消对中国小额包裹免税政策。这种做法毫无根据，不仅解决不了自身问题，还会破坏中美经贸合作和正常的国际贸易秩序。
In February and March 2025, citing fentanyl-related concerns, the US side increased tariffs across the board on Chinese products exported to the US twice and threatened to cancel the duty-free de minimis treatment. On April 2, the US side announced the end of duty-free de minimis treatment for covered goods from China starting May 2, 2025. These measures are groundless and will not help solve internal problems in the US. Instead, they will damage China-US economic and trade cooperation and destabilize global trade.

美方对华指责罔顾事实。中国是世界上禁毒政策最严格、执行最彻底的国家之一，已经将芬太尼类药品纳入《麻醉药品品种目录》，对其生产、经营、使用和出口环节实行严格管制，迄今未发现此类药品在生产、流通环节流失案件。国家药品监督管理局对芬太尼类药品的出口贸易实行许可证制度，在严格审核的基础上，主动与进口国主管部门开展国际核查，每批出口贸易均须经进口国主管部门确认合法性后，再核发麻醉药品出口准许证。
The US accusations against China have no factual basis. In terms of counternarcotics, China’s policies and their implementation rank among the toughest in the world. China has enumerated fentanyl-related medications in the List of Controlled Narcotic Drugs and exercises strict control in terms of their manufacturing, sale, use, and export. To date, no cases of fentanyl-related medications disappearing in manufacturing or circulation have been detected in China. The National Medical Products Administration implements a permit system for the export of fentanyl-related medications. Based on strict examination and approval, it verifies with and obtains confirmation of legality of the transaction from the competent authorities of the importing country for each exported shipment of narcotic drugs before issuing a permit for export.

2023年，中国出口芬太尼类药品总计9.766千克，主要出口至亚洲的韩国、越南、马来西亚、菲律宾和拉美地区的智利、巴拿马、哥伦比亚、巴拉圭以及欧洲的波兰、德国、法国等国家，未向北美地区出口过任何品种和任何剂型的芬太尼类药品。
In 2023, China exported 9.766 kilograms of fentanyl-related medications, mainly to Asian countries including the ROK, Vietnam, Malaysia, and the Philippines, Latin American countries including Chile, Panama, Colombia, and Paraguay, and European countries including Poland, Germany, and France. China has never exported any type of fentanyl-related medications in any form to North America.

中美双方开展了广泛、深入的禁毒合作，并取得显著成效。2019年4月1日，应美方请求，中国在本国并无规模性滥用情况下，本着人道主义善意，发布芬太尼类物质整类列管公告，并于当年5月1日起正式施行，成为全球范围内第一个对芬太尼类物质实施永久性整类列管的国家。此后，中国公安部连续3年组织开展打击制贩芬太尼类物质等新型毒品犯罪专项行动。芬太尼类物质整类列管后，中国未再收到美方查获来自中国此类物质的通报。
China and the US have conducted extensive, in-depth cooperation in counternarcotics and achieved significant progress. On April 1, 2019, in the spirit of humanity and on the request of the US side, China issued a statement announcing full control of fentanyl-related substances that came into effect from May 1, 2019, even though there is no evidence of widespread abuse of fentanyl-related substances in China. This made China the first country in the world to implement full and permanent control of fentanyl-related substances. The Ministry of Public Security of China subsequently launched special campaigns for the next three years to combat the illegal manufacturing and trafficking of fentanyl-related substances and other new drugs. Since implementing full control of fentanyl-related substances, China has not received any notification from the US that fentanyl-related substances from China have been detected.

美方对小额包裹免税的担忧毫无必要。美方宣称，小额包裹免税政策以及配套的简易通关安排可能冲击国内产业，造成税收流失、商品质量安全监管缺失等问题。这种担忧并没有现实依据。首先，小额包裹免税政策对国内市场影响有限。消费者个人自国外购买自用物品是对个人消费的有益补充。尽管近年来全球零售包裹进口额增长较快，但总体规模相对有限，在全球贸易总额和社会零售总额中的占比仍较小，远未达到主导地位。其次，实施小额包裹免税政策能降低行政成本。小额免税政策下，海关可将更多资源集中在高价值商品和高风险货物的监管上，提升整体监管效能。如取消小额包裹免税政策，逐一查验小额包裹并征税将带来巨大的监管成本，极大地增加企业物流和通关成本。第三，小额包裹的产品质量安全有保障。大部分中国跨境电商平台均设有不少于30天的无理由退货期，消费者在期限内可无理由退货退款，甚至不退货、仅退款。这既是消费者权益的保障条款，更是跨境电商卖家严把产品质量关的督促条款。第四，高风险商品管控有效。中国出口的小额包裹商品主要是服装、电子产品、玩具等。在各国不断加强监管、提升技术手段的情况下，并无证据证明在来自中国的小包裹中发现违禁物品。
The US concerns about duty-free de minimis treatment are not necessary. The US side claims that duty-free de minimis treatment and its corresponding convenient customs clearance arrangements could damage its domestic industries, and cause problems such as fiscal losses and lack of supervision over merchandise quality and safety. This concern has no practical basis. First, duty-free de minimis treatment has limited impact on the domestic market. Consumers’ purchase of personal products from abroad is a helpful supplement to individual consumption. In recent years, global imports of retail packages have been increasing rapidly. However, the overall scale is far from dominant, representing a small share of total world trade and total retail sales. Second, applying duty-free de minimis treatment can reduce administrative costs – customs can pool more resources in the supervision of high-value products and high-risk goods, reinforcing the overall effectiveness of supervision. Eliminating duty-free de minimis treatment will add significant costs in checking and taxing low-value packages one by one, in supervision, in logistics and in customs clearance. Third, the quality and safety of products in low-value packages is guaranteed. Most Chinese cross-border e-commerce platforms allow no-fault return of goods within a minimum of 30 days of purchase. Within the time limit, consumers can return an item for a refund without giving reasons, or even get a refund without having to return the product. These provisions not only protect consumers’ rights and interests, but also incentivize cross-border e-commerce merchants to ensure product quality. Fourth, high-risk products are effectively managed and controlled. Chinese products exported in low-value packages are mainly items such as clothing, electronic products, and toys. As supervision strengthens and technological means continue to advance in all countries, no evidence has emerged of any prohibited item found in low-value packages from China.

小额包裹免税政策顺应国际贸易发展趋势。世界海关组织建议各国海关设置关税最低起征点。世界贸易组织《贸易便利化协定》鼓励成员设置免于征收关税和国内税的微量货值或应纳税额。全球绝大多数国家实施小额包裹免税政策，并简化相关商品通关流程。中国政府对于寄递进境的个人物品合并征收关税、增值税和消费税，应征税额在50元人民币以内的予以免征，政策取得良好成效。
The duty-free de minimis policy follows the trend of world trade development. The World Customs Organization suggests that the customs authorities of every country set a minimum tariff threshold. The WTO Agreement on Trade Facilitation encourages members to provide for a de minimis shipment value or dutiable amount on which customs duties and taxes will not be collected. The majority of countries in the world operate a duty-free de minimis policy and simplify customs clearance procedures.

The Chinese government collects tariffs, VAT, and consumption tax on personal postal items entering China. However, personal postal articles will be exempt if tax liabilities do not exceed RMB50. This policy has worked well.

——促进消费市场多元化。消费者能以更低价格购买来自世界各地的商品，丰富了购物选择。该政策具有满足消费者个性化需求、快速到货和节省费用等优势，提升了消费体验。以中国的天猫国际进口平台为例，截至2024年，该平台已覆盖超过4000个品牌、上百万种商品，涵盖食品、母婴用品、家居生活、时尚服饰等多个领域，且还在不断扩充。
– It promotes diversity in the consumer market. Consumers are able to buy an abundance of products from all over the world at lower prices. It meets consumers’ personalized needs, achieves fast delivery and saves cost, thus improving the buying experience. Taking China’s Tmall global import e-commerce platform as an example, by 2024 this platform had offered over 4,000 brands and more than a million products, covering sectors including food, maternal and child supplies, household goods, fashion, and clothing and accessories, and it is still growing.

——助力更多中小微企业参与国际贸易。跨境电商是新质生产力的体现，减少贸易环节，降低贸易门槛。跨境电商零售业务直接连接中小微企业和消费者，为这些企业主体提供了更多贸易机会，扩大了贸易规模，优化了贸易结构。当前，中国跨境电商贸易主体超12万家，成为参与国际贸易的重要力量。
– It helps more micro, small and medium-sized enterprises engage in world trade. As a representative of new quality productive forces, cross-border e-commerce cuts trade procedures and lowers entry barriers. Cross-border e-commerce retail links micro, small and medium-sized enterprises directly to consumers, which provides more trade opportunities, expands trade volume, and streamlines trade structure. Currently, there are over 120,000 cross-border e-commerce trade entities in China, which are becoming a significant force in world trade.

——促进全球经济合作。跨境电商的快速发展为国际贸易注入了新的活力。该政策通过数字化平台和高效物流，有效降低贸易成本，有助于全球供应链更灵活地配置资源，进一步推动了全球经济的互联互通。中国跨境电商平台阿里巴巴国际站服务全球超过200个国家和地区的2600万活跃企业买家。企业通过平台对接全球供应商，灵活调整采购策略，分析不同市场需求，实现按需生产，提高资源利用效率。
– It facilitates global economic cooperation. The rapid growth of cross-border e-commerce has become a new driver for world trade. The policy reduces trading costs through digital platforms and highly efficient logistics, and helps global supply chains allocate resources more flexibly, thus further promoting interconnectivity of the world economy. China’s cross-border e-commerce platform Alibaba.com provides services for 26 million active corporate buyers from over 200 countries and regions. Connected with suppliers worldwide through such platforms, enterprises are able to achieve flexible procurement strategies, multiple market demand analysis, on-demand manufacturing, and higher resource utilization efficiency.

（八）美方加征所谓“对等关税”损人害己
8. The “Reciprocal Tariffs” Imposed by the US Will Damage Its Own and Others’ Interests

2025年4月2日，美国政府宣布对贸易伙伴征收所谓“对等关税”，其中对中国加征的“对等关税”税率为34%，还针对中方正当反制措施进一步加征50%关税。美方做法罔顾多年来多边贸易谈判达成的利益平衡结果，也无视美方长期从国际贸易中大量获利的事实，试图以“产业保护”“国家安全”等名义高筑贸易壁垒，不仅严重违反世界贸易组织规则，严重冲击多边贸易体制，严重损害相关方的正当合法权益，也无助于解决其国内经济问题，必将遭到反噬、自食恶果。
On April 2, 2025, the US government announced the imposition of “reciprocal tariffs” on goods imported from multiple trading partners, including a tariff of 34 percent on Chinese goods. It is now imposing an additional 50 percent tariff in response to China’s legitimate countermeasures. Disregarding the balancing of interests achieved over years of multilateral trade negotiations, and ignoring the fact that it has derived enormous and long-standing benefit from international trade, the US has chosen to erect high trade barriers in the name of goals such as “industrial protection” and “national security”. This is a severe violation of WTO rules that damages the multilateral trading system and erodes the legitimate rights and interests of the parties affected. The move will not help to solve domestic economic problems in the US, but will ultimately backfire and make the US a victim of its own misdeeds.

“对等关税”推高美国通胀压力。耶鲁大学预算实验室预测显示，“对等关税”实施后，在其他国家采取反制措施的情况下，美国个人消费支出（PCE）价格涨幅将扩大至2.1%，美国低、中、高收入家庭平均将损失1300美元、2100美元、5400美元，成为关税的最终“买单”者。受新一轮加征关税影响，美国食品、服装、电子产品及日用品等日常消费品零售价格上涨压力将明显增大。
The tariffs will increase inflationary pressure in the US. The Budget Lab at Yale University forecasts that when other countries retaliate with countermeasures, the US Personal Consumption Expenditures (PCE) Price Index will rise by 2.1 percent, costing US families with low, medium, and high incomes, as the ultimate “payer” of the tariffs, an average of US$1,300, US$2,100, US$5,400 per household respectively. With the imposition of the new round of tariffs, pressure on the retail price of daily consumer goods such as food, clothing, electronics, and daily necessities will increase significantly.

“对等关税”削弱美国产业基础。特朗普政府试图通过关税迫使制造业回流，但事实上，关税将通过产业链供应链逐级传导，加剧供应链断裂与产业空心化风险，增大了发展制造业的难度。彼得森国际经济研究所数据显示，90%以上的关税成本将转嫁至美国进口商、下游企业和最终消费者。
The tariffs will weaken the US industrial base. The Trump administration intends that these tariffs will force the reshoring of the US manufacturing industry. In reality the tariffs will gradually affect the industrial chain and supply chain, aggravate the risk of supply chain disruption and industrial hollowing out, and add to problems hindering the development of manufacturing. The Peterson Institute for International Economics assesses that over 90 percent of the tariff costs will be borne by US importers, by downstream businesses, and ultimately, through higher prices, by the end consumers.

“对等关税”加剧金融市场恐慌。美“对等关税”宣布第二天，美股三大指数均暴跌超过5%。同时，美元对欧元汇率明显下行，显示市场对关税干扰经济运行的担忧加剧，信心受到严重冲击。
The tariffs will aggravate panic in the financial market. On the day following the announcement of the tariffs, the three major US stock indexes each declined by more than 5 percent. Meanwhile, the US dollar has fallen hard against the euro, demonstrating the growing concern of the market at the disruption of the economy, and the drastic impact on confidence.

“对等关税”加大美国经济衰退风险。摩根大通、高盛等机构均大幅上调美国经济衰退概率。相关研究认为，“对等关税”及相关国家对美反制，可能拉低美国实际GDP增速1个百分点左右。
The tariffs will increase the risk of US economic recession. JPMorgan, Goldman Sachs, and other US financial institutions have all substantially increased their odds of the risk of a US recession. According to their research, the US tariffs and the countermeasures of other countries could lead to a reduction of US real GDP by approximately 1 percentage point.

同时，“对等关税”还将扭曲全球市场资源配置，破坏全球合作根基，影响世界经济长期稳定增长。美国加征“对等关税”破坏全球产业链供应链稳定，严重冲击世界经济循环。世界贸易组织总干事伊维拉表示，美国加征关税将对全球贸易和经济增长前景造成巨大影响，可能导致2025年全球商品贸易量总体萎缩约1%，较上次预测下调近4个百分点。
At the same time, the tariffs will distort the allocation of global market resources, undermine the foundations of global cooperation, and affect the long-term steady growth of the global economy. They will undermine the stability of global industrial and supply chains, and deliver a severe blow to international economic circulations. The Director-General of the WTO Ngozi Okonjo-Iweala said that the new US tariffs will have a devastating impact on global trade and economic growth, leading to a contraction of around 1 percent in global goods trade volumes in 2025, representing a 4 percentage point drop against the previous forecast.

历史实践反复证明，贸易保护主义无助于改善本国经济，反而严重破坏世界贸易投资体系，可能引发全球性经济金融危机，最终必将损人害己。
History has repeatedly taught the lesson that trade protectionism will not help to strengthen a country’s domestic economy. Instead, it will do severe damage to world trade and investment, which could trigger a global economic and financial crisis, with the inevitable consequences for oneself and others.

六、中美可以通过平等对话、互利合作解决经贸分歧
VI. China and the US Can Resolve Differences in Economic and Trade Areas Through Equal-Footed Dialogue and Mutually Beneficial Cooperation

中美作为全球前两大经济体，经贸交往规模庞大、内涵丰富、覆盖面广、涉及主体多元，存在分歧是正常的。解决问题和弥合分歧最好的方式是通过平等对话，寻求互利合作的路径。中美两国的合作不仅关乎两国人民的福祉，也将对世界的和平与发展产生深远影响。
China and the US are the world’s top two economies. Economic and trade cooperation between the two countries is so huge, substantive, and broad-based, involving so many players, that it is only natural for some differences to exist. The best way to address problems and bridge gaps is to seek paths for mutually beneficial cooperation through equal-footed dialogue. China-US cooperation is of critical importance to the best interests of the peoples of the two countries; it will also exert a far-reaching impact on world peace and development.

（一）平等对话应是大国间解决问题的基本态度
1. Equal-Footed Dialogue Should Constitute the Fundamental Approach in Addressing Problems Between Major Countries

历史上，国与国之间存在争端和分歧并不鲜见，解决问题的方式却并不相同。通过对话和磋商解决争端，不仅解决效率更高，国际社会也可避免承受不必要的成本。
Throughout history, examples of disputes and differences between countries abound, yet the approaches to addressing these issues have varied considerably. Resolving disputes through dialogue and consultation can deal with problems more efficiently and spare the international community unnecessary cost.

中国和美国都有各自的国情，处于不同的发展阶段。两国历史上既有反法西斯、反恐、应对公共卫生紧急事件等携手应对挑战的经历，又在推动建立多边贸易体制、促进亚太地区开放繁荣等方面开展过卓有成效的合作。通过平等对话机制，中美双方可以清晰表明对各自主要关注问题的态度，澄清相关事实，解释提出关注的原因，探讨导致相关问题的因素，商量可能的解决方案。发展中出现的问题要依赖发展解决，短期内出现的问题在中长期视角可能不再是困扰。事实上，任何国家都不会为了迎合或满足其他国家不合理的要求而放弃自身合理的发展利益，但这并不妨碍双方通过平等对话寻找可能的解决路径。
China and the US have their own national realities and are at different stages of development. The two countries have shared experience of dealing with challenges together. They fought side by side against the forces of fascism in World War II, they have engaged in counterterrorism and addressed public health emergencies, and they have seen fruitful cooperation in facilitating the establishment of multilateral trading system, and promoting open and prosperous development in the Asia-Pacific region. Through equal-footed dialogue, China and the US have the ability to clearly state their position with regard to major concerns, clarify relevant facts, explain the reasons for any concerns raised, discuss the factors leading to problematic issues, and work out possible solutions through consultation. Problems arising in the course of development are best addressed through the process of development, and a short-term problem may no longer be an impediment when viewed from a medium or long-term perspective. The fact is that no country will meet or satisfy another country’s unreasonable demands to the detriment of its own reasonable development interests. This, however, does not prevent both sides from seeking possible solutions through equal-footed dialogue.

（二）互利合作有利于中美实现各自的发展目标
2. Mutually Beneficial Cooperation Can Help China and the US Realize Their Respective Development Goals

中美两国都有各自的发展愿景与目标。无论从最优化配置资源要素、更好适应创新技术持续涌现带来的发展模式转变，还是从创造稳定的全球发展环境看，都需要中美相向而行、协同发展。
Both China and the US have their respective development visions and goals. In order to put limited resource factors to the most efficient use, better adapt to ever-changing development models created by emerging innovative technology, and create a stable global environment, China and the US should move in the same direction and collaborate in their development.

互利合作有利于提高投入产出比。通过互利合作，可以减少不必要的重复投入，将有限的资源用于更需要的领域，实现发展效能的提升。互利合作还有利于纠正国际贸易的不平衡，通过有效的市场竞争为消费者提供更为丰富的产品和服务选择。
Mutually beneficial cooperation leads to a higher output to input ratio. It helps to reduce repeated unnecessary inputs, allocate limited resources to areas of greater need, and increase development efficiency. It also helps to maintain a sound balance in international trade and offer more diverse choices of goods and services through effective market competition.

互利合作有利于更快适应新变化。历史经验表明，新技术的出现在提高生产效率的同时也给原有的社会经济模式带来冲击。包括人工智能在内的技术进步正在重塑经济生态，能源结构转型也需要各方快速作出反应。中美可以在创新、生产、服务和消费等各领域加强合作，提高对技术升级的响应速度和应对能力，获得更大的发展利益。
Mutually beneficial cooperation creates the capacity to adjust more rapidly to changes. Past experience has shown that new technology will both improve production efficiency and disrupt the existing social economic model. AI and other technological progresses are reshaping the economic ecosystem, and energy structure transformation demands quick responses from all parties. China and the US can increase the speed and quality of their response to technological advances, and achieve greater benefits in development by strengthening cooperation in areas such as innovation, manufacturing, services and consumption.

互利合作有利于增强发展持久性。美国曾经是当前多边经贸规则的倡导者，中国是积极的参与者，各方共同接受的多边规则大幅降低了国际经贸合作的成本。中美的互利合作可以减少市场对不确定性的担忧，支持全球经济加速复苏。
Mutually beneficial cooperation leads to more sustainable development. Historically, the US championed the existing multilateral economic and trade framework, whereas China has been an active participant in the process. The multilateral rules accepted by all parties have greatly reduced the cost of international economic and trade cooperation. Mutually beneficial cooperation between China and the US can alleviate concerns about uncertainty in the market and support a faster global economic recovery.

（三）世界期待中美合作带来更多的发展机会
3. The World Anticipates China-US Cooperation to Generate More Development Opportunities

中美两国在全球经济体系中扮演着重要的角色。两国经济总量超过世界三分之一，人口总数占世界近四分之一，双边贸易额约占世界五分之一。美国是全球最大的消费市场，中国是全球第二大消费市场。中美两国通过全球供应链，为各利益相关方提供了广泛的机会，带动相关国家原材料出口、中间品生产、服务业发展，提升了全球价值链效率与效益。中美经贸关系健康、稳定、可持续发展，有利于中美两国，也有利于世界。
Both China and the US play important roles in the global economic system. The two countries account for more than one third of the global economy and almost a quarter of the world’s population, and their bilateral trade accounts for about one fifth of global trade. The US is the world’s largest consumer market, and China is the second largest. Through the global supply chains, the two countries have provided extensive opportunities to all stakeholders. They have facilitated raw materials exports, intermediary goods production, and service industry development, thereby increasing the efficiency and efficacy of the global value chain. The sound, stable, and sustainable development of China-US economic and trade relations benefits the two countries, and it benefits the rest of the world as well.

中美可以共同努力促进国际经济治理规则的合理化改革，以适应生产力的发展。以世界贸易组织为核心的多边贸易体制和以双边自贸协定为代表的区域贸易协定都是经济治理的重要平台。各方对于理想的多边经贸治理机制的期待可能不同，但指责和消极抵抗于事无补，应采取更为积极的做法，寻求共识，探索多边经济治理体系的改进路径。
China and the US can work together in the rationalization of global economic governance rules to adapt to the evolution of productivity. The multilateral trading system centered on the WTO, and the regional trade agreements represented by bilateral free trade agreements, are important platforms for economic governance. Since perspectives on an ideal multilateral economic and trade governance system may diverge, rather than levelling accusations at each other and opposing the existing system passively, we should take a more proactive approach to seek common ground and explore ways to improve the multilateral economic governance system.

结束语
Conclusion

历史昭示我们，中美合则两利、斗则俱伤。中美加强合作符合全世界的期待。世界经济要实现更快发展，就需要公平、开放、透明和以规则为基础的世界市场。没有中美合作，这种世界市场难以形成。国际贸易规则需要不断更新，以适应世界经济的变化，同样需要中美合作引导。人工智能、生物技术、量子计算等新技术和产品不断出现和迭代更新，要预防和管控潜在安全风险，确保技术和平利用而不被滥用，需要中美合作建立相关规则和秩序。
History tells us that cooperation between China and the US is of great mutual benefit, while confrontation will bring nothing but damage to both sides. Strengthening China-US cooperation is in line with the expectations of the whole world. The global economy can realize faster growth if global markets are fair, open, transparent and rule-based, which cannot be achieved without China-US cooperation. Global trade rules must be updated to respond to evolving world economic trends, which also needs to be led by China-US cooperation. With new technologies and products such as AI, biotechnology, and quantum computing constantly emerging and evolving, China-US cooperation is a must for setting relevant rules and maintaining order, preventing and controlling potential security risks, and ensuring peaceful use rather than misuse of technology.

贸易战没有赢家，保护主义没有出路。中美各自取得成功，对彼此都是机遇而非威胁。希望美方与中方相向而行，按照两国元首通话指明的方向，本着相互尊重、和平共处、合作共赢原则，通过平等对话磋商解决各自关切，共同推动中美经贸关系健康、稳定、可持续发展。
Trade wars produce no winners, and protectionism leads up a blind alley. The economic success of both China and the US presents shared opportunities rather than mutual threats. The US side is expected to join forces with the Chinese side to pull in the same direction pointed out by the two heads of state in their phone conversation earlier this year. Following the principles of mutual respect, peaceful coexistence, and win-win cooperation, the two countries can address their respective concerns through equal-footed dialogue and consultation, and jointly promote the healthy, stable and sustainable development of bilateral economic and trade relations.

①：在计算倾销量（出口价格和正常价值的差额）过程中，仅取正值，将所有负值均视为零，不与正值抵消。与正常做法相比，“归零”往往会显著增大倾销量的计算结果，从而提高倾销幅度和反倾销税率。
① In the process of calculating dumping (normal value minus export price), only positive differences are taken, and all negative differences are regarded as zero and cannot offset the positive differences. Compared with normal calculation methods, “zeroing” tends to substantially increase apparent evidence of dumping, resulting in higher dumping margins and anti-dumping duty rates.

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