Home News US, China reaching better understanding on trade: ex-Beijing official

US, China reaching better understanding on trade: ex-Beijing official

The Chinese port of Nantong in Jiangsu Province, China.

Xu Congjun | Visual China Group | Getty Images

The Chinese port of Nantong in Jiangsu Province, China.

The U.S. and China are reaching greater consensus on trade issues, a former official at the Chinese commerce ministry told CNBC on Thursday.

“Within the last nine months, we had three rounds of consultations; I think we have more and more consensus about it,” said Jin Xu, a former senior commerce ministry official. Jin was also previously a diplomat to the U.S., U.K. and Turkey.

According to sources who spoke to CNBC, Washington and Beijing are approaching the finish line on trade negotiations that could end later this month.

“Both countries agree to have more and more mutual understanding and also want to build much better relations for business people for the two countries,” Jin told CNBC’s Martin Soong in Beijing.

“If we have more and more consensus, the world will benefit from it,” said Jin, emphasizing that China is the world’s largest developing country and the U.S. is the world’s largest developed country.

Jin, who is now the chairman of China International Trade Association, said he was hopeful for a positive outcome from the talks and that China will make policy adjustments accordingly.

China is currently in the midst of a two-week long annual parliamentary meeting, the National People’s Congress, which kicked off on Tuesday and ends next Friday (Mar. 5-15).

At the opening of that meeting this week, Premier Li Keqiang said the Chinese economy will likely slow this year, and revealed that the official economic growth target for 2019 will be 6.0 to 6.5 percent. That compares to an expansion of 6.6 percent in 2018 — its slowest growth since 1990.

Li also said the country’s months-long tariff war with the U.S. has hurt business activities — but he reiterated Beijing’s commitment to “safeguarding economic globalization” and pledged to promote China-U.S. trade negotiations while advancing negotiations on other trade agreements.

Source link


Please enter your comment!
Please enter your name here

Must Read

St. Patrick’s Cathedral: Arson suspect is a college instructor who had booked a flight to Rome

A 37-year-old man who was arrested Wednesday after entering St. Patrick's Cathedral carrying two cans of gasoline, lighter fluid and butane lighters had...

Amazon’s one-two punch: How traditional retailers can fight back

Aaron Rinberg Contributor Aaron Rinberg is an associate with Battery Ventures in Herzliya, Israel. Scott Tobin Contributor Scott Tobin is a general partner with Battery Ventures in Herzliya,...

Exclusive: Venezuela skirts U.S. sanctions by funneling oil sales via Russia

MEXICO CITY (Reuters) - President Nicolas Maduro is funneling cashflow from Venezuelan oil sales through Russian state energy giant Rosneft as he seeks...

Amazon launches ad-supported music service to Echo owners

Amazon today announced the launch of a free, ad-supported music service in the U.S. that will be available to anyone who wants...
Free Download WordPress Themes
Free Download WordPress Themes
Download WordPress Themes Free
Download Best WordPress Themes Free Download
download intex firmware
Download WordPress Themes