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Photo: Teh Eng Koon/AFP via Getty Images

China's government announced late Wednesday that it had reached an agreement with U.S. commerce officials to press ahead with trade and investment ties.

Driving the news: Commerce Secretary Gina Raimondo and her Chinese counterpart Wang Wentao "agreed to promote the healthy development of pragmatic trade and investment cooperation and properly handle differences," according to a statement from China's government translated by the South China Morning Post.

  • Both parties agreed to continue with communications on the matter.

The big picture: It was the third phone conversation between top officials from the two nations in the past few weeks, following Treasury Secretary Janet Yellen's discussions with Vice Premier Liu He, Bloomberg notes.

  • The talks come a day after the Biden administration announced a new "supply chain trade strike force" to look at unfair trade practices by China's government.
  • Representatives for the Biden administration did not immediately respond to Axios' request for comment.

Editor's note: This article has been updated with new details throughout.

Go deeper

Jun 9, 2021 - World

China: Senate's global competition bill "full of Cold War mentality"

Chinese President Xi Jinping in Beijing in may 2021. Photo: Ju Peng/Xinhua via Getty Images

China criticized a sweeping Beijing-focused global competition bill passed by the U.S. Senate on Tuesday, calling the $250 billion package "full of Cold War mentality," according to the Washington Post.

Why it matters: The bill officially designates China as the "greatest geopolitical and geoeconomic challenge" to U.S. foreign policy, a sign of the solidified bipartisan consensus of the need to curtail Beijing's global influence and abuses.

Jun 9, 2021 - World

Ex-Mossad director dismisses China threat

Cohen (R) with Netanyahu. Photo: Gali Tibbon/AFP via Getty

Just days after stepping down as director of Israel's Mossad intelligence agency, Yossi Cohen criticized U.S. policy toward China and hinted it was too hardline.

Why it matters: In a lecture on Monday, Cohen said he'd discussed China with many senior U.S. officials but always ended the conversations with more questions than answers.

Bloomberg's plan to take on Davos and the world's greatest challenges

Former New York City Mayor Mike Bloomberg on February 28, 2020 in Blountville, Tennessee. (Photo by Joe Raedle/Getty Images)

As the world grapples with the pandemic's impact on globalization, Michael Bloomberg on Wednesday is unveiling the inaugural members of a new group to focus on solving its biggest problems, Axios is the first to report.

Why it matters: COVID-19 spread globally — in an instant shutting borders, disrupting trade and eventually leaving millions dead or sick. What comes next as emerging economies prepare for recovery, will also impact the rest of the world.