Ministry of Commerce: China and the United States are soliciting opinions on tax reduction arrangements and will promote implementation as soon as possible

On July 23, Meng Huating, Director of the Foreign Investment Department of the Ministry of Commerce, responded to questions about the progress of establishing trade councils and investment councils between China and the United States at the press conference of the State Council of Information held on the 23rd. He said that currently, the economic and trade teams of China and the United States are maintaining close communication on specific arrangements such as the structure, functions, and operating models of the trade councils, and exploring the promotion of reciprocal tax reduction framework arrangements of US$30 billion each. China is extensively soliciting opinions from domestic enterprises, business associations, local governments, U.S. -funded business associations and other stakeholders on relevant tax reduction arrangements. The United States is also soliciting public comments on the Trade Council and reciprocal tax reduction arrangements. The two sides will maintain close exchanges, negotiate tax reduction arrangements for specific products as soon as possible and promote implementation, and further expand bilateral trade.