US-China economic talks begin in New York amid expectations for AI and trade cooperation

A new round of high-level economic and trade consultations between the US and China has commenced in New York, with a presidential summit scheduled for September 24 at the White House. Key topics include AI safety, technology export controls, tariffs, and supply chains for critical minerals. Market sentiment has been bolstered by the potential for stable trade mechanisms and the easing of restrictions on Chinese innovative drug licensing. Chinese ADRs have outperformed the broader US market, driven by AI and cloud computing sectors, while the offshore yuan has reached its highest level since February 2023.