China and the United States made "concrete progress" in many areas and laid foundation for signing of a "phased deal" at their latest round of talks to resolve the bruising trade war, China's chief negotiator and Vice Premier Liu He has said. He reiterated that China is "willing to work in concert with the U.S.to address each other's core concerns on the basis of equality and mutual respect". The two countries reached a limited deal last week seeking to end the trade war that has rocked global markets.
BEIJING and Washington have made "substantial progress" towards a partial trade deal, China's top trade negotiator said today, in his first comments since talks with US President Donald Trump last week.
Trump last week said he hopes to sign the agreement with his Chinese counterpart President Xi Jinping at the APEC summit in Chile next month.
The "phase one" deal described by Washington may not address numerous larger issues that initiated the trade war which has dragged on for more than a year, such as forced technology transfers and industrial subsidies. Both the countries are now working on the written official details about the agreement.
USA officials said a second phase of negotiations could address thornier issues like forced technology transfer and non-financial services issues.
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U.S. Treasury Secretary Steven Mnuchin said that lower-level talks would take place by phone this week.
The Chinese vice premier said on Saturday that China will step up investment in core technologies to accelerate economic restructuring, adding that economic prospects remain "very bright" despite China's third-quarter economic growth slowing to an annual 6.0%.
China's third-quarter economic growth slowed to an annual 6.0 per cent, its weakest pace in nearly three decades as the bruising trade war hit factory production and investment sentiment.
In phase one deal, the United States agreed to withdraw the scheduled increase of tariffs from 25% to 30% on Chinese goods worth 650 billion.
Chinese Foreign Ministry spokesman Geng Shuang recently said according to the preliminary statistics, this year, Chinese companies have purchased 20 million tons of soybeans, 700 thousand tons of pork, 700 thousand tons of sorghum, 230 thousand tons of wheat and 320 thousand tons of cotton from the US.