United States seeks targeted commitments from China on market access
Jul 20 2017
"Dialogue can not immediately address all differences, but confrontation will immediately damage the interests of both", Chinese Vice Premier Wang Yang said as the China-US Comprehensive Economic Dialogue got underway.
Treasury Secretary Steven Mnuchin said he hopes China will lift foreign ownership restrictions in its financial services sector to allow more USA participation, and remove barriers to trade in its information and communication technology sector, Reuters reports.
Leaders of the USA and China, the world's two largest economies, will sit down on Wednesday to talk about trade, markets and finance.
"Unfortunately, American businesses have not had their fair share of the "cake" due to outdated US regulations on export control", he told a luncheon attended by US Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross and hundreds of Chinese and US business leaders.
The business lunch attended by US and Chinese business leaders comes as the USA considers new tariffs on Chinese steel and new calls for the Chinese government to put pressure on North Korea over its nuclear program.
Commerce Secretary Wilbur Ross, meanwhile, said some initial deals announced in April, as part of a 100-day economic plan aimed at reducing the U.S. trade deficit with China, were a "good start". But only 4 percent of China's IC imports came from the US. "It should be cooperation-oriented, and to get the things hanging over China-U.S. relations done one by one".
In remarks to a business lunch, he said such Chinese purchases would reduce the US trade deficit, noting that China imported $227 billion worth of integrated circuits past year, but only 4 percent of that came from the United States.
China trade experts said they expect new announcements on small openings of China's markets or specific purchases of US goods, but these will not substantially alter the bilateral economic relationship. Mnuchin on Tuesday said the US wants to use the discussions to push China on lifting foreign ownership restrictions on the financial services industry and remove hurdles for information and technology sectors. "We still have work to do with China to achieve a balanced relationship" based on reciprocity. "We haven't seen any significant opening up of the Chinese economy for years".
"China is ready to work together", Mr Wang added.
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.
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. -China relationship is better today than in many decades and the countries have "fundamentally shared objectives".