Just ahead of the start of the last round of trade negotiations in trade between the United States and China, the foreign ministry of China said that it hopes the talks would reveal good results. The latest round of negotiations is scheduled started in Beijing, said the spokeswoman of the ministry Hua Chunying at a daily news briefing.
The talks in Beijing, slated to start this Thursday, would be headed by United States Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin and Chinese Vice-Premier Liu He. It is expected to last for two days.
It is expected that representatives of both parties would bring up the more contentious issues in order to tackle the sticky issues related to economic and trade differences between the two countries.
More detailed discussions on issues of common concern would be brought up in the meeting, say analysts, based on the information percolating from the recent talks in Washington.
The two largest economies of the world, the US and China, have been engaged in an escalating trade war since middle of last year with both side imposing additional import tariffs on each others’ goods worth billions of dollars. The heads of the two countries, US president Donald Trump and his Chinese counterpart Xi Jinping agreed on a 90 day truce to the trade war last December in Argentina within which the two parties are attempting to iron out their differences in trade.
China-US trade consultations have made “a big stride forward”, said Wei Jianguo, vice-chairman of the China Center for International Economic Exchanges. “In the next stage, the two sides will still be subject to various global pressures. However, I believe that the two sides will be able to propose more weighty measures to solve differences in their further consultations,” Wei said.
There would potentially be more than one meeting between Trump and Xi to finalize a trade deal. Trump had said.
The companies in both the countries who are closely engaged in cooperation would not certainty want it to end, said Zhou Mi, a research fellow at the Chinese Academy of International Trade and Economic Cooperation. Cooperation at different levels could result in more and more achievements, he added.
The establishment of Sino-US diplomatic ties reached its 40th year this year. According to the Ministry of Commerce of China, the combined trade volume between the US and China in 2018 was more than $630 billion and the investments made by both the countries in each other was over $240 billion.
The Sino-US relationship is “the most important relationship that both of our countries have”, said Nicholas Burns, former US undersecretary of state. The Chinese official Xinhua News Agency cited him as saying that despite strong challenges in bilateral relationships being faced by both the US and China, the countries need to adapt to being comfortable at competing with each other as well as getting together to work together in certain areas and issues.
The US should not consider China as an economic threat, said Xue Rongjiu, deputy director of the Beijing-based China Society for WTO Studies. The development level and not the volume of its economy should be the parameter of judging an economy, Xue said. He pointed out that China should be considered to be a developing economy in terms of its per capita GDP.
(Adapted from TheStratsTimes.com)