US, China Talks Seen Offering Small-scale Market Access Deals

Jul 20, 2017, 00:40
US, China Talks Seen Offering Small-scale Market Access Deals

"We need to work together to maximise the benefit for both sides, but this is only possible if there is a fairer and more balanced economic relationship between the USA and China", Mr Mnuchin said.

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Vice-Premier Wang Yang told the luncheon that Beijing has its own concerns to be addressed in the talks, including "outdated" United States export controls for high-technology products.

U.S. Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross said on Tuesday they would be looking for China to agree to concrete steps with specific delivery dates to open markets, including more access for U.S. firms in the financial services sector.

The U.S. -China Comprehensive Economic Dialogue, or CED, is expected to draw businesses leaders from the U.S. and China that includes JPMorgan Chase (JPM) CEO Jamie Dimon, General Motors (GM) CEO Mary Barra, executives from Walmart (WMT), ConocoPhillips (COP), Caterpillar (CAT), the Bank of China Chairman and one of the state owned oil companies. His administration is also weighing steps to cut steel imports, blaming China's overcapacity for creating global gluts.

China trade experts said they expect new announcements on small openings of China's markets or specific purchases of USA goods, but these will not substantially alter the bilateral economic relationship.

He noted that cooperation between China and the USA not only benefits businesses and peoples of the two countries but the world as a whole.

Prasad said the United States would be better served by focusing less on near-term steps but pushing China for bigger reforms such as opening major portions of its services sector to USA competition, relaxing corporate ownership rules, reducing subsidies for state-owned enterprises and clamping down on intellectual property theft. "We still have work to do with China to achieve a balanced relationship" that is based on reciprocity. "This is a result of the greater opening of China's financial sector", Wang said.

At Mar-a-Lago, the two sides established a four-track comprehensive dialogue mechanism and agreed to work on a 100-Day Action Plan, which was due on July 16.

China, which Trump has criticized for cheating on steel prices, ranked 11th past year, and trade experts say it is a likely target.

Mr Wang said the key point about the CED is the two countries are "having dialogue, not confrontation".

"China and the USA are each other's biggest trading partner and important source of investment".

The U.S. president in June said China hadn't done enough to control North Korea and its nuclear weapons program, though he appeared to brush over differences from that threat and about trade issues during the Group of 20 meeting earlier this month.

"Our working relationship is better today than it has been in many decades", said Ross, who has conducted business in China for many years.

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