Dear Focus Reader,

In ongoing efforts to increase dialogue between officials from Washington and Beijing, Chinese Foreign Minister Wang Yi and United States Secretary of State Antony Blinken had a "candid, substantive and constructive" meeting on the sidelines of the Munich Security Conference last week.

The two sides discussed the importance of exchanges at all levels and agreed to maintain dialogue and communication in various fields to further deliver on the "San Francisco vision."

In line with previous conversations, Wang also emphasized that attempts to "de-risk" and to build "a small yard with high fences" will ultimately backfire on the U.S., though Washington maintains its position that "de-risking" is to protect American national security, not to harm Chinese interests.

Wang reiterated this point in a speech at the conference, highlighting the European Union's efforts to "de-risk," and stating that China can't be sliced out of world trade. "The trend toward economic globalization cannot be reversed," he said, also claiming that "those who attempt to shut China out in the name of de-risking will make a historical mistake."

Additionally, amidst China's ongoing domestic economic challenges, there was a glimmer of optimism surrounding Spring Festival travels, which were up 19 percent compared to the same period in 2019. Spending also increased by over 7%, prompting officials to suggest the figures indicate "economic momentum" and "revitalized consumption." However, some analysts have noted that spending did not rise proportionately with travel, suggesting a trend of spending less on each individual trip.

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