Chinese premier's speech carves out new path for China-US relations: expert

Chinese Premier Li Qiang's speech at this year's China Development Forum is set to carve out a new path for the development of China-U.S. relations, said Stephen Orlins, president of the National Committee on U.S.-China Relations.

The China Development Forum 2025 kicked off in Beijing on Sunday, with Premier Li delivering a keynote speech at the opening ceremony.

In the speech, Li talked about bold moves of boosting Chinese spending to shrink trade surpluses.

Orlins said this could unlock a historic reset: more U.S. exports to China, fewer deficits, and a pragmatic path to stabilize global growth.

"The (Chinese) premier demonstrated that the Chinese leadership knows what to do in terms of improving the Chinese economy. I think some of the suggestions that he had in the speech were very imaginative. For instance, the very long-term bond that he said he would do. I think he said 400 billion RMB (about 55.18 billion U.S. dollars) issuing of that, and that would be used to enhance consumer spending," he said.

"To the extent that consumer spending increases, we will see a drop in China's export surplus, which is a good thing for U.S.-China relations. So I listened to his speech and I said, hey, this is probably good for U.S.-China relations, because the extent that the Chinese economy improves, U.S. exports to China can improve. That can reduce the U.S.-China trade in the case of U.S. deficit, in the case of China surplus, and that will lead to improved U.S.-China relations," said Orlins.

Themed "Unleashing Development Momentum for Stable Growth of Global Economy", the forum features 12 symposiums and several closed-door sessions.

The participants will explore key issues including the development of new quality productive forces, AI innovations, green development, and new trends in economic globalization.

The forum, sponsored by the Development Research Center of the State Council and organized by the China Development Research Foundation, has become a key platform for dialog and cooperation between China and the rest of the world since its inception in 2000.

Chinese premier's speech carves out new path for China-US relations: expert

Russia and the United States have agreed to ensure the implementation of the Black Sea Initiative, provided that sanctions were eased on Russia's agricultural and food trade, the Kremlin said Tuesday.

The Kremlin said the agreement includes ensuring the safety of navigation in the Black Sea, the non-use of force, and preventing commercial ships from being used for military purposes, with inspections in place to enforce this.

It also added that the United States will help in restoring Russia's access to global markets for agricultural and fertilizer exports, lowering shipping insurance costs, and improving access to ports and international payment systems.

The agreement will enter into force after a series of sanctions and restrictions related to its agricultural and food trade were lifted, the Kremlin noted.

The move would include lifting Western sanctions on the Russian Agricultural Bank, which services agricultural businesses, and reconnecting the bank to the SWIFT international messaging system.

Russia has also listed in the conditions the removal of restrictions on its food and fertilizer producers and exporters, on the servicing of related Russian-flagged vessels in ports, and on the related agricultural machinery supplies to Russia.

The Kremlin statement came after Russian and U.S. representatives wrapped up their Monday's talks in Riyadh, capital of Saudi Arabia, where both sides sought arrangements for the safety of navigation in the Black Sea.

Russia and Ukraine signed separately with Türkiye and the United Nations the Black Sea Grain Initiative in Istanbul in July 2022, which secured the export of Ukrainian grain and other agricultural products from Black Sea ports.

As a parallel agreement, Russia and the UN signed a memorandum of understanding on the facilitation of Russian food and fertilizer exports.

On July 17, 2023, Russia suspended its participation in the Black Sea deal, citing unfulfilled commitments to the Russian part.

Kremlin says Russia, U.S. agree to ensure implementing Black Sea initiative