China has «seen hope» in the trade talks with the United States, a senior Chinese trade official said yesterday, stopping short of saying how close…
China has «seen hope» in the trade talks with the United States, a senior Chinese trade official said yesterday, stopping short of saying how close both sides are to a deal that will remove additional tariffs slapped on each other’s imports.
«The economic and trade teams of both sides are communicating day and night, working on the final text of the agreement,» said Vice-Minister of Commerce Wang Shouwen at a press conference on the sidelines of the annual parliamentary meeting.
He emphasised that any trade mechanism contained in the deal must be fair and equal, referring to the US demands for an enforcement process to ensure China complies with its commitments.
The US has accused China of unfair trade and industrial practices, including forced technology transfers, intellectual property thefts, subsidies for its state-owned enterprises and lack of market access.
This has sparked a trade stand-off between the world’s two biggest economies since last July, with both countries slapping additional tariffs on each other’s imports.
Progress in negotiations has seen Washington suspending further tariff hikes on Chinese imports, and all eyes are on when the leaders of both countries will meet to sign off on a deal.
Mr Wang, who is also China’s deputy trade negotiator, noted that the trade dispute has seen American exports to China fall by 7 per cent, while China’s import and export trade with the US has plunged by 19.
