China urges USA to ease trade barriers

Reuters

USA and Chinese officials will try to ease trade tensions and bridge differences on Wednesday in annual economic talks that trade experts say will likely yield some small-scale agreements to grant US firms more access to some of China's markets.

Chinese Vice-Premier Wang Yang told the luncheon that Beijing has its own concerns to be addressed in the talks, including "outdated" United States export controls for high-technology products.

Treasury Secretary Steven Mnuchin said he hopes China will lift foreign ownership restrictions in its financial services sector to allow more U.S. participation, and remove barriers to trade in its information and communication technology sector, Reuters reports.

Some U.S. officials said China was likely to push to turn the 100-day plan into a year-long effort, partly because China is viewed as unlikely to launch bolder economic reforms before its 19th Party Congress, a once-in-five-years event to set leadership, takes place this fall.

Ross spoke at the gathering along with U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Wang Yang, a day before the U.S. "China Comprehensive Economic Dialogue", come at the end of a 100-day effort by the two countries to craft an economic plan aimed at reducing the US goods trade deficit with China, a gap that reached $347 billion last year and was up 5.3 percent through May this year. His administration is also weighing steps to cut steel imports, blaming China's overcapacity for creating global gluts.

The talks are a continuation of the process undertaken by the previous two administrations, which the Trump administration has rebranded as the US-China Comprehensive Economic Dialogue (CED).

In the past, US and China had patchy business relations.

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The spokesman said there was no information on the cause of the cancellations. "We still have work to do with China to achieve a balanced relationship" that is based on reciprocity. "We haven't seen any significant opening up of the Chinese economy for years".

Xi said China is going to open up more to foreign investors in a meeting with his financial lieutenants on Monday, according to national broadcaster China Central Television. He said, for example, that China puts greater restrictions on inbound investment than the United States does.

Wang is scheduled to co-chair the first China-U.S.

Thanks to that, "there is huge market potential to tap in USA export of advanced technologies, key equipment and critical parts to China", the vice premier pointed out.

The CED is "different only in how it is packed", as every USA president likes to put his own stamp on how these dialogues are carried out, Anka Lee, senior director at Albright Stonebridge Group, said in an interview with Bloomberg Television. -China relationship is better today than in many decades and the countries have "fundamentally shared objectives".

The Trump administration could impose new sanctions on small Chinese banks and other firms doing business with Pyongyang within weeks, administration sources said last week.

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