China has welcomed the United States’ decision not to renew an executive order that revoked Hong Kong’s special trading status. Beijing views this move as a significant step towards implementing the consensus reached during recent meetings between Chinese and American officials. The revoked order had been in place following Beijing’s imposition of a national security law on Hong Kong in 2020. This decision signals a potential thaw in trade relations between the two countries. While details of the “consensus” remain largely undisclosed, the restoration of privileges could ease economic tensions. The move is expected to be seen as a gesture of goodwill amid ongoing diplomatic efforts between the US and China. However, the US has maintained its concerns regarding human rights and political freedoms in Hong Kong.