Wang Yi calls his talk with Rubio ‘positive and constructive’ as Bessent urges balanced trade before Trump-Xi meeting

Chinese Foreign Minister Wang Yi held a call with US Secretary of State Marco Rubio on Wednesday that China’s state news agency described as “positive and constructive”^1,5. Rubio held the call with Wang before the Xi-Trump meeting next week, and it was described as constructive⁴.

Treasury Secretary Scott Bessent called for more balanced trade with China ahead of the Trump-Xi talks². He urged balanced US-China trade ties before the meeting³.

Last week, US Trade Representative Jamieson Greer held a videoconference with Chinese Vice Premier He Lifeng, during which he made demands of Beijing⁶. The United States has defended a more balanced trade relationship with China ahead of the summit⁶.

The calls and statements came on the same day, a week before the leaders are due to meet^1,4.

Why it matters to investors

The call and the trade statements set the tone for the meeting between the leaders of the two largest economies^2,4. The characterization of the call comes from China’s state media, which reported the minister’s description^1,5; the US side’s account in the coverage calls it constructive⁴.

The US message on trade is consistent across officials. Bessent³, and Greer in his talks with He Lifeng⁶, have both framed balance as the goal. That points to trade imbalances being on the agenda when the leaders meet².

A positive diplomatic call¹ and firm trade demands³ arrived on the same day, which leaves both sides with room to claim progress.

The diplomatic and economic tracks are running in parallel. The foreign ministers handled the political preparation for the summit⁴, while the Treasury and the trade representative focused on the trade balance^3,6.

What to watch

The main event is the Xi-Trump meeting next week⁴. Investors will look for whether the two leaders agree on trade steps that reflect the balance Bessent and Greer have called for^2,6.

A second question is how Beijing responds to the US demands made in the videoconference with He Lifeng⁶. A third is whether official readouts from both governments match after the meeting, since the description of Wednesday’s call came from Chinese state media^1,5.

Any statement that the two heads of state have agreed on specific measures would be the clearest signal for trade-exposed sectors^3,4.

Investors will also watch for any further calls between the two foreign ministers before the summit^1,4.