MNI POLICY: China, U.S. Agree To Talk Soon: MOFCOM

Officials from China and the U.S. will hold a call in the near future, said Gao Feng, spokesman of the Ministry of Commerce at a briefing on Thursday, without giving further details on what would be discussed.

Gao confirmed that both sides have agreed to talk soon, when asked to comment on media report about a meeting to review the phase one trade deal signed by the two countries delayed from last weekend.

China has again urged the U.S. to abandon unwarranted action against Chinese enterprises and do more things that are conducive to the two countries' economic and trade cooperation, said Gao, when asked to comment on U.S. President Donald Trump's attack on TikTok.

"The Chinese government is unwavering in its determination to safeguard the legitimate rights and interests of domestic companies," Gao said.

The U.S. actions will undoubtedly shake investors' confidence in investing in America, Gao added, noting China remains a populous destination for global investors including those from the U.S, citing a number of U.S.-funded projects from the likes of Starbucks, Costco and Tesla got underway in China this year.

Gao also attributed China's declining rare earth export to the slowdown of downstream production amid the pandemic, when asked if the decline was a countermeasure taken by China against the U.S. China exported 22,800 tons of rare earths in the first seven months, down 20.2% y/y, with the cost value down 26% y/y.