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(Bloomberg) — China will make “substantial” purchases of US soybeans, Treasury Secretary Scott Bessent said Sunday after talks with Chinese counterparts, in a sign that the relations are thawing ahead of a possible leaders’ meeting.

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Bessent made the comments in an interview with CBS’s after two days of meetings with Chinese Vice Premier He Lifeng and other officials in Kuala Lumpur, Malaysia. An initial consensus was reached on various bilateral issues including agriculture, according to a statement from the Chinese Ministry of Commerce.

The move underscores efforts by both sides to stabilize relations after months of on-and-off tensions and exchange of sharp rhetoric.

If confirmed by Beijing, the pledge to step up purchases of US supplies would come as a major relief for American farmers struggling with financial stress after China, their top buyer, walked away this season. The Chinese government has wielded its imports of soybean as a major bargaining chip throughout its trade dispute with Washington, helping to strengthen its leverage in the latest round of negotiations.

US President Donald Trump had said repeatedly ahead of the planned meeting with China’s leader Xi Jinping that he would press Beijing to resume purchases of US soybeans. Still, renewed Chinese buying may not offer much immediate support for US growers, as crushers in China have already secured ample soybean supplies that can cover their demand through this year and part of next, narrowing the window for new US sales.

Any increase in imports from the US could also weigh on domestic soymeal prices in China, deepening losses for processors already contending with thin margins.

In the longer term, Beijing is expected to stick with its strategy of diversification — deepening ties with friendly suppliers such as Brazil while expanding domestic production. The recent trade tensions have shown that China can almost all but shun US soybeans if needed, and it’s likely to ensure it never again depends on its main geopolitical rival for a crop so vital to its food security and economic stability.

–With assistance from Michael Hirtzer and Daniel Flatley.

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BEIJING, Oct. 26 (Xinhua) — China will enhance high-quality financial services to better support the real economy, according to a report on the country’s financial work submitted for deliberation on Sunday to the Standing Committee of the National People’s Congress, the country’s top legislature.

Since November 2024, the financial sector has strengthened support for the real economy, the report said. Between November 2024 and September 2025, a total of 98 companies launched initial public offerings on the A-share market, with private firms and strategic emerging industries accounting for 86 percent and 92 percent of this total, respectively.

By the end of last month, loans to sectors such as science and technology, green development, inclusive finance, elderly care and the digital economy — all outpaced overall loan growth for the same period.

Looking ahead, China will focus on supporting key areas including technological innovation, consumption, small and micro businesses, and foreign trade, while strengthening coordination of fiscal, monetary and industrial policies.

The report also called for implementing a moderately loose monetary policy in a thorough and targeted manner, studying and preparing new policy measures, strengthening financial regulation, and enhancing protection of the rights of both financial consumers and investors.  ■