China Trade Talks Wrap Up After Extending To Third Day

Beijing-Washington trade talks concluded

The talks - led by US Deputy Trade Representative Jeffrey Gerrish and Chinese Vice-Commerce Minister Wang Shouwen - were initially scheduled to end on Tuesday.

The US released a statement on the meetings, alluding to at least one potential concrete commitment on the part of China.

Negotiations between the US and China in Beijing this week on trade were "extensive, in-depth and detailed", and laid the foundation for the resolution of issues of mutual concern, the Ministry of Commerce said in a statement Thursday.

"We are moving towards a more balanced and reciprocal trade agreement with China", she said, adding that no one knows yet what that agreement will look like or when it will be ready.

She added that the Trump administration's complaint that China is stealing USA intellectual property is "top of mind" in the negotiations with Beijing.

He said that if more compromises are made when Chinese Vice Premier Liu He meets U.S. Trade Representative Robert Lighthizer, an official who is viewed as being more hawkish on trade with China, the crisis will only be halfway averted. "This is what China has wished for, but I think the USA will wait and see", Chiu said.

"The talks also focused on China's pledge to purchase a substantial amount of agricultural, energy, manufactured, and other products and services from the United States", the USTR said.

"I don't think the US will easily remove tariffs that have been imposed on Chinese goods". Such an agreement, indeed, was previously reached in May 2018, when U.S. Treasury Secretary Steven Mnuchin announced that the trade war had been put "on hold" thanks to China's pledge to "significantly increase purchases of United States goods and services".

Analysts said the positive momentum of the talks will need to be followed up by more senior officials. They include changes to China's policies on intellectual property protection, technology transfers, industrial subsidies and other non-tariff barriers to trade.

In November, Chief Executive of the Russian Export Center Andrey Slepnev said that the projected figure of $100 billion worth of mutual Russia-China trade could double in the years ahead. -China trade dispute. Apple Inc (AAPL.O) rattled global markets last week when it cut its sales outlook, blaming weak demand in China.

In addition to the large trade deficit, the USA has long complained about such structural issues. In recent weeks, China has showed some signs of flexibility or acceding to the American demands.

China has imposed penalties on $110 billion of American goods, slowing customs clearance for USA companies and suspending issuing licenses in finance and other businesses.

It softened its stand by offering a mix of concessions by resuming purchases of USA soybeans, suspended punitive tariffs on imports of United States cars and toned down its "Made in China 2025" plan, which aimed at breaking the country's reliance on foreign technology and pull its hi-tech industries up to western levels.

Fears of a global slowdown and weaker corporate earnings - exacerbated by billions of dollars in tit-for-tat tariffs between the USA and China - have led to a sharp pullback on markets over the last few months.

Earlier this week, China approved five genetically modified (GM) crops for import, the first in about 18 months, which could boost its overseas grains purchases and ease U.S. pressure to open its markets to more farm goods.

Trade in services with China (exports and imports) totalled an estimated Dollars 75.0 billion in 2017.

Big spending on commodities and goods would send a positive signal on China's intent to work with the United States, but would do nothing to resolve the U.S. demands that require hard structural change from China. Unfortunately, China's definition of what "should not and can not" be reformed has always included precisely the areas of most USA concern.

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