Automotive News   |   Automotive News Europe   |   Autoweek   |   Automobilwoche

Automotive News China Newsletter
Register our free newsletter, sent each Monday and Thursday

     Automakers   Suppliers   Auto Show   Comment   Car Cutaway   Newsletters   Press Releases   Register for Newsletter
  Contact Us:   Editorial   Advertising   Subscription Information   |   About Us   Media Kit
Home Email this story   Print this story
 
China has 'good faith' to fix trade issues as talks with U.S. resume
Reuters | 2019/1/8

BEIJING -- China has the "good faith" to work with the United States to resolve trade frictions, the Foreign Ministry said on Monday, as the world's two largest economies resumed talks in a bid to end their trade dispute.

U.S. officials are meeting their counterparts in Beijing this week for the first face-to-face talks since U.S. President Donald Trump and China's President Xi Jinping agreed in December to a 90-day truce in a trade war that has roiled global markets.

Trump said on Sunday that trade talks with China were going very well and that weakness in the Chinese economy gave Beijing a reason to work toward a deal.

On Monday, U.S. Commerce Secretary Wilbur Ross told NBC the talks were being held with appropriate level staff and would help determine how the administration moves forward.

Ross also said he saw "a very good chance that we will get a reasonable settlement that China can live with, that we can live with and that addresses all of the key issues," adding that it would be easiest to tackle immediate trade but harder to resolve enforcement issues and structural reforms such as intellectual property rights and market access."

The two sides agreed to hold "positive and constructive" dialogue to resolve economic and trade disputes in accordance with the consensus reached by the countries' leaders, Foreign Ministry spokesman Lu Kang told reporters at a regular news briefing.

"From the beginning we have believed that China-U.S. trade friction is not a positive situation for either country or the world economy. China has the good faith, on the basis of mutual respect and equality, to resolve the bilateral trade frictions," Lu said.

Trump imposed import tariffs on hundreds of billions of dollars of Chinese goods last year and has threatened more to pressure Beijing to change its practices on issues ranging from industrial subsidies to intellectual property to hacking. China has retaliated with tariffs of its own.

"As for whether the Chinese economy is good or not, I have already explained this. China's development has ample tenacity and huge potential," Lu said. "We have firm confidence in the strong long-term fundamentals of the Chinese economy."

Lu also said that Vice President Wang Qishan would attend the World Economic Forum in Davos, Switzerland, in late January, but added that he had not yet heard of any arrangements for a meeting with Trump there.

By Monday afternoon, few details had emerged of the talks, which were scheduled to run through Tuesday.

The U.S. delegation, led by Deputy U.S. Trade Representative Jeffrey Gerrish, includes under secretaries from the U.S. Departments of Agriculture, Commerce, Energy and Treasury, as well as senior officials from the White House.

Tu Xinquan, a Chinese trade expert at Beijing's University of International Business and Economics, told Reuters before talks began that the meetings would likely focus on technical issues and leave major disagreements to more senior officials.

"China's economy is significantly slowing down, and the U.S. stock market is declining quickly. I think the two sides need some kind of agreement for now," Tu said.

Data last week showed manufacturing has slowed in both China and the United States, though the U.S. Labor Department on Friday reported a surge in new jobs in December along with higher wages.

Officials have given scant details on concessions that China might be willing to make to meet U.S. demands, some of which would require structural reforms unpalatable for Chinese leaders.

Even if a trade agreement is reached soon, analysts say it would be no panacea for China's economy, which is expected to continue decelerating in coming months.

China's stridently nationalist Global Times tabloid said in an editorial late on Sunday that statements from both sides that they hoped to reach a deal were cause for optimism, but that Beijing would not cave in to U.S. demands.

"If China was going to raise the white flag, it would have done it already," the paper said.

Related Stories
  • Xi: Get ready for bad times as trade war escalates
  •     --Published:2019/24/5
     
  • China's tough rhetoric leaves U.S. trade talks in limbo
  •     --Published:2019/21/5
     
  • China raises tariffs on U.S. exports as trade battle escalates
  •     --Published:2019/14/5
     
  • In Germany, auto suppliers downbeat as China-U.S. trade standoff escalates
  •     --Published:2019/10/5
     
  • U.S. hikes tariffs on China-made auto parts, other goods
  •     --Published:2019/10/5
     
  • U.S.-China trade war reroutes U.S. import flows
  •     --Published:2019/12/4
     
  • China will continue to suspend extra tariffs on U.S. vehicles, auto parts
  •     --Published:2019/2/4
     
  • BMW plan to export EVs from China on hold amid trade talks
  •     --Published:2019/8/3
     
  • U.S., China near deal that could end most American tariffs
  •     --Published:2019/5/3
     
  • China, U.S. on verge of 'historic' trade deal, top White House adviser says
  •     --Published:2019/1/3
     
  • Trump, citing progress in talks, delays tariff hikes on Chinese goods
  •     --Published:2019/26/2
     
  • Trump: March 1 deadline for China trade talks not 'magical'
  •     --Published:2019/22/2
     
  • China upbeat as U.S. trade talks resume
  •     --Published:2019/12/2
     
  • U.S., China launch high-level trade talks amid deep differences
  •     --Published:2019/1/2
     
     

    Our Newsletter Editions
    Automotive News China produces two email newsletters each week. You can sort your news by the articles highlighted in each of our newsletters here.

    Select your newsletter     

     
     

    Automotive News China
    Room 1303, Building 2, Lane 99, South Hongcao Road,
    Shanghai 200233
    Telephone: 86-139-1851-5816
    Fax: 86-21-6495-0895
     
    Home | Help Center | About Us | Privacy Policy | RSS
    Entire contents © Crain Communications, Inc.
    Use of editorial content without permission is strictly prohibited. All Rights Reserved.
    ICP06057291