China, US holding talks on economic, trade issues

China will firmly defend its interests and support the multilateral trading system, while urging the United States to engage more in equal dialogue to ease friction and seek common ground in pursuit of a more open global economy, said analysts and business leaders on Sunday.

As He Lifeng, a member of the Political Bureau of the Communist Party of China Central Committee and vice-premier of the State Council, China's Cabinet, leads a delegation in Madrid, Spain for talks with US counterparts from Sunday to Wednesday, market watchers said the meetings are aimed at addressing long-standing friction and exploring constructive solutions.

The two sides will discuss economic and trade issues, such as unilateral tariff measures adopted by the US, the abuse of export controls and the TikTok issue, according to the Ministry of Commerce.